Abstract
Aside from matters of war and peace, no policy area commands as much presidential effort or is as important to the president as the economy. From the earliest days of the republic, the quality of the economy affected the fortunes and careers of presidents. Martin Van Buren, for example, lost his re-election bid in 1840 in part because of the economic panic of 1837. Other presidents, and their parties, who presided over bad economic times have been turned out of office, while those in office during good times tended to be returned to office.1
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Notes
On the impact of the economy on presidential elections into the nineteenth century see Patrick G. Lynch, “Presidential Elections and the Economy 1872 to 1996: The Times They Are A ‘changin’ or the Song Remains the Same?” Political Research Quarterly 52 (December 1999), pp. 825–844.
See Jeffrey E. Cohen, Politics and Economic Policy in the United States. 2d ed. ( Boston, MA: Houghton Mifflin. 2000 ), pp. 145–156;
John Frendreis and Raymond Tatalovich, The Modern Presidency and Economic Policy ( Itasca, IL: Peacock, 1994 );
For an account from both an insider and an economist see Herbert Stein, Presidential Economics: The Making of Economic Policy from Roosevelt to Reagan and Beyond ( Washington, DC: American Enterprise Institute, 1988 ).
Richard W. Stevenson, “News Analysis: Bush’s New Problem: Iraq Could Eclipse Big Domestic Agenda,” New York Times, December 22, 2004 This and all other articles from the New York Times were downloaded from the Times web cite, nytimes.com
Bush has been characterized as policy ambitious throughout his presidency. See Steven L. Schier, ed., High Risk and Big Ambition: The Presidency of George W Bush ( Pittsburgh: University of Pittsburgh Press, 2004 ).
David Cay Johnson, “I.R.S. Says Americans Income Shrank for 2 Consecutive Years,” New York Times, July 29, 2004.
On Roosevelt see James MacGregor Burns, Roosevelt: The Lion and the Fox ( New York: Harcourt and Brace, 1956 ).
On the decisions of cabinet secretaries to stay or leave, see Jeffrey E. Cohen, Politics of the U.S. Cabinet: Representation in the Executive Branch, 1789–1984 ( Pittsburgh: University of Pittsburgh Press, 1988 ).
George C. Edwards III, On Deaf Ears: The Limits of the Bully Pulpit ( New Haven, CT: Yale University Press, 2003 ).
Robin Toner, “Political Memo: Good-Will Reserves Run Low for Social Security Talks,” New York Times, December 19, 2004.
Edmund L. Andrews, “Clamor Grows in the Privatization Debate,” New York Times, December 17, 2004
Richard W. Stevenson, “Bush Says Social Security Plan Would Reassure Markets,” New York Times, December 17, 2004.
Karlyn Kohrs Campbell and Kathleen Hall Jamieson, Deeds Done in Words: Presidential Rhetoric and the Genres of Governance ( Chicago, IL: University of Chicago Press, 1990 ).
Edmund L. Andrews, “Lawmaker Links Overhauls on Social Security and Taxes,” New York Times, January 19, 2005
Edmund L. Andrews, “Republicans Urge the White House to Consider Tax Increases for Social Security,” New York Times, January 20, 2005.
John W. Kingdon, Agendas, Alternatives, and Public Policies 2d ed. ( New York: Longman, 1995 ).
Such a governing style seems common among recent presidents. See Lawrence R. Jacobs and Robert Y. Shapiro, Politicians Don’t Pander: Political Manipulation and the Loss of Democratic Responsiveness ( Chicago, IL: University of Chicago Press, 2000 ).
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© 2006 Robert Maranto, Douglas M. Brattebo, Tom Lansford
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Cohen, J.E. (2006). Economic Policy: Responsibility but with Limited Authority. In: Maranto, R., Brattebo, D.M., Lansford, T. (eds) The Second Term of George W. Bush: Prospects and Perils. The Evolving American Presidency Series. Palgrave Macmillan, New York. https://doi.org/10.1057/9781403984418_9
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DOI: https://doi.org/10.1057/9781403984418_9
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