The Clinton Depression?

OxBlog has been listening to Rick Santorum so we don’t have to. Santorum:

You probably remember well when Bill Clinton and the Democrats passed the largest single tax increase in our nation’s history in 1993, $293 billion. That sent our nation into an economic slump.


I still have nightmares about the Great Depression of ’93. The bread lines grew longer every day. I wore out the soles of my shoes, walking up and down the length of Manhattan looking for an honest day’s work. Wait a second. That was 1893. What the ***** is Santorum talking about? The ’90s were great.

Yes – average annual real GDP growth equal to 3.7% is awful, whereas the average annual real GDP growth since Bush took office (2.6%) is great! Employment (payroll survey) during Clinton’s eight years in office grew by a mere 23 million. Since George W. Bush took office, employment has grown by an amazing 3 million.