The Republicans exploit an urban myth each election cycle that they are better for jobs and the economy than Democrats. This political cartoon by Greenberg shows the actual results of each President’s effect on the economy.

Republicans run on the premise that they will lower taxes and create more jobs.  Not very many people remember that while Reagan brought about the largest tax cuts in history, he also presided over the largest tax increase in history.

Reagan ran up the biggest deficits ever seen.  To his credit, his defense spending helped bankrupt the Soviet Union (along with their ill-advised war in Afghanistan).  But putting aside the international consequences, the country was put in a precarious position with Reagan’s “borrow and spend” budget deficits.

George H.W. Bush continued Reagan’s deficit spending and, coupled with a recession, introduced even higher budget deficits.  Bush was forced to raise taxes, thus breaking his “read my lips, no new taxes” pledge.

The “tax-and-spend liberal”, Bill Clinton, got the deficit under control, and created a budget surplus.  George W. Bush has been a disaster, with the bailout of his economic failures costing us over a trillion dollars, along with his Iraq war, which will likely run another 1.5 trillion dollars, if we are lucky.  We now have the most severe recession since the 1930’s with millions losing their jobs and homes.

George W. Bush said that Wall Street acted like it was drunk.  What an apt description for his whole administration.  That is the reason that John McCain’s promise of jobs and prosperity are nothing more than a feeble punch line, as depicted below: