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A Brief Confession

In 2000, the United States’ economy began to show signs of a recession. The Federal Reserve began cutting interest rates. Growth in GDP slowed in the third quarter of 2000 to a rate not seen since the first quarter of 1992 when a bad recession contributed to George H. W. Bush’s loss.

Republicans began talking publicly that the economy was headed into recession.

Democrats began blasting Republicans for talking down the economy and accusing Republicans of talking the United States into a recession with their “wild and irresponsible claims.” Dick Cheney came in for particular criticism from Democrats and even some in the media for talking down the economy. George W. Bush was assailed for causing market instability with his warnings.

In fact, Dick Cheney and George W. Bush were right and the United States was headed into a recession starting at the end of 2000 and really into 2001.

Right now, Republicans are blasting Democrats and the press for talking down the economy. This all feels very much the same as that recession. It seems history wants to repeat itself twenty years later. The only difference is the shoe is on the other foot and Republicans are claiming the Democrats are talking us into a recession. The reality is that there are economic reasons, including a trade war and other economic instabilities, that are doing it.

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