It’s old news… but businessmen are historically the worst presidents on economic performance.. twice leading to huge crashes…
Can a businessman help the economy? For presidents, the answer has been no.
Mitt Romney likes to argue that his business experience has prepared him for the challenges of the presidency, particularly in stoking economic recovery. In his speech accepting the Republican presidential nomination, Romney declared that President Obama “took office without the basic qualification that most Americans have and one that was essential to his task. He had almost no experience working in a business.”
But historically, has the economy been healthier in times when the president has had a business background?
As any good executive would, let’s look at the numbers.
Since Herbert Hoover’s 1928 election, the American people have voted out of office after a single term only three elected presidents: Hoover, Jimmy Carter and George H.W. Bush — all of whom were successful businessmen before they were president. And the only successful business-trained president who was reelected, George W. Bush, oversaw an economic collapse at the end of his second term.
As measured in constant 2005 dollars starting on Jan. 1 of the year after they took office — the economy’s performance in the first year of a presidency is better assigned to the preceding administration — the four presidents with successful business careers had the four worst records in terms of gross domestic product performance. (…)