Today we learned economic growth was 2% and 1.5% during the first and second quarters of this year. It made us think of 1992 when the de-facto slogan for Bill Clinton’s campaign was about the economy. Despite a historic record approval rating of 90% for President George H.W. Bush after the 1991 Gulf War victory, within 18 months, it would drop by 60 percentage points.
The economy was clearly improving in 1992 but Americans still remembered the 1990/1991 recession which was mild compared to Obama’s first year. 64% of Americans disapproved of Bush’s job performance in August 1992.
Compared to Obama’s 1.75% for the first six months of 2012, the real GDP for all of 1992 grew 3.4%. This exceeded the average annual growth rate durng Clinton’s first term.
Bush’s average annual increase in jobs did not come close to matching Reagan’s level, but it was far better than Obama.
Because of the economy, Bush was defeated for re-election and received only 38% of the vote.