[ChinoCoug]

Archaea sure isn't the first on CB to denounce Clinton's policies as failures, but alas, the first I've seen to offer any evidence. Most CBers either have a selective memory of 110 or get their training from Rush Limbaugh.

There's a general agreement among economists that income tax rates do not affect growth. As for capital gains, capital investment faces diminishing returns and can't produce the sustained growth of the Clinton years anyway.

Besides, Clinton recognized that deficit reduction is necessary to hold the interest rate down. He increased social spending by only 3% (cf. 9% for W.) and cut welfare rolls by 60%.

The boom of the 90s is due mainly to that the govt invented the internet 30 years ago. Productivity growth, unlike capital, does not exhibit diminishing returns. But Clinton promoted gov-biz collaboration on R&D the same way Asian countries have done to launch their miracles, and thereby snatched tech leadership back from Japan. Externalities like R&D are always underfunded by the private sector, so require a gov boost.

Regarding monetary policy, the president has no control; the Fed does and is independent. I do believe Clinton is at fault, but it's excessive deregulation that caused companies to cook their books and led to the bubble.