Jeb Bush says his economic success in Florida shows how he can achieve 4 percent annual economic growth as president. How credible is his 4 percent pledge?
In two words: Not very. (See folks, not that hard.)
Back in the 1960s and 1970s, 4 percent growth was pretty common in the U.S. But that was during a period when women were still joining the workforce and baby boomers were entering their prime working years, among other major demographic and social changes. Today, those trends are working against the economy rather than for it. The last time the U.S. experienced 4 percent growth was during the Clinton administration, in what we now recognize as the dot-com bubble.
Still, even if 4 percent growth is unlikely, Bush is right about this much: Economic growth has been consistently disappointing under Obama. That’s especially true given the deep recession, which historically should have led to a strong rebound.
