Bleak Outlook Is Bleak

Krugman's latest column discusses the potential of the US facing a Japan-style 'lost decade.' Didn't that kind of, sort of, already happen?

Under Clinton, the median income increased 14 per cent. Under Bush it declined 4.2 per cent.

Under Clinton the total number of Americans in poverty declined 16.9 per cent; under Bush it increased 26.1 per cent.

Under Clinton the number of children in poverty declined 24.2 per cent; under Bush it increased by 21.4 per cent.

Under Clinton, the number of Americans without health insurance, remained essentially even (down six-tenths of one per cent); under Bush it increased by 20.6 per cent.

Admittedly, the Census data above does not focus on the same metrics that Krugman attributes to Japan's lost decade. But if this is what the past 8 years has wrought, then I can't even imagine what we have to look forward to.

Hell, while we're on the subject:

The Census' final report card on Bush's record presents an intriguing backdrop to today's economic debate. Bush built his economic strategy around tax cuts, passing large reductions both in 2001 and 2003. Congressional Republicans are insisting that a similar agenda focused on tax cuts offers better prospects of reviving the economy than President Obama's combination of some tax cuts with heavy government spending. But the bleak economic results from Bush's two terms, tarnish, to put it mildly, the idea that tax cuts represent an economic silver bullet

[...]

That leaves Bush with the dubious distinction of becoming the only president in recent history to preside over an income decline through two presidential terms, notes Lawrence Mishel, president of the left-leaning Economic Policy Institute. The median household income increased during the two terms of Clinton (by 14 per cent...), Ronald Reagan (8.1 per cent), and Richard Nixon and Gerald Ford (3.9 per cent).

[...]

"What is phenomenal about the years under Bush is that through the entire business cycle from 2000 through 2007, even before this recession...working families were worse off at the end of the recovery, in the best of times during that period, than they were in 2000 before he took office," Mishel says.