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Wednesday, June 09, 2004

Reagan Myths


According to his obituary in the NY Times, Ronald Reagan "presided over the longest economic expansion in history."

The Times is said to write obituaries years in advance, and at first I thought this was why they ignored the Clinton expansion, which was several years longer than Reagan's. But then I looked up the figures, and found that the Kennedy-Johnson expansion of the 1960s was longer too.

Reagan's expansion was indeed long, the third longest in U.S. history (not "history"), but no matter no many times the "liberal media" tells us that it was the longest ever, it just ain't so.

Length of Expansion
Feb. 1961 - Dec. 1969: 106 months (8 years & 10 months)
Nov. 1982 - Jul. 1990: 92 months (7 years & 8 months)
Mar. 1991 - Mar. 2001: 120 months (10 years)

Source: National Bureau of Economic Research (NBER).
 
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