Thursday, August 9, 2012
Posted by dkuehn at 6:29 AM
This is probably the least helpful graph I've read all week. The scary thing is, de Rugy at least knows that.
First the whole discussion by both Gillespie and de Rugy talk as if these numbers reflect presidential policy rather than primarily reflecting macroeconomic swings.
But it also ignores a basic point from Bastiat: that you have to consider the seen and the unseen: what would job growth have been like without the actions of these presidents (presumably with some baseline extension of their predecessor's policies)? That chart would look very, very different from this - and that's the chart that really matters.