Brad Plumer takes note of a recent study on US economic growth by Alan Blinder and Mark Watson: “Since World War II, there’s been a strikingly consistent pattern in American politics: The economy does much better when a Democrat is in the White House.”
“More specifically, since 1947, the U.S. economy has grown at an average real rate of 4.35 percent under Democratic presidents and just 2.54 percent under Republicans.”
Why? “Democrats simply have better economic luck,” explains Blumer.
Blinder and Watston attribute the “large D-R growth gap” to three major factors: oil shocks, productivity growth and consumer confidence.
“Now, this paper is hardly the last word on the subject. As Blinder and Watson note, they can only explain from 46 percent to 62 percent of the difference in growth rates … That means we still don’t have a full answer.”