Jeb Bush Trumpeting His Awful Florida Economic Records

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    Jun 17, 2015 2:32 AM GMT
    NYT: Jeb Bush is citing the record of bubble-era Florida as proof of his skill in economic management.

    Florida fell into a deep slump when the bubble burst, much worse than the nation as a whole — and it has still not made up all the lost ground.

    Florida, however, had a much milder slump. Why? Fiscal integration: major programs, especially Social Security and Medicare, are paid for by the federal government, so that Florida in effect received large-scale aid when its economy and hence tax payments plunged but federal benefits just kept on coming.

    So not only did Jeb!’s supposed economic success consist of nothing besides presiding over a giant bubble; the only thing that kept the bubble from causing utter catastrophe was his state’s lucky dependence on big government.

    http://krugman.blogs.nytimes.com/2015/06/16/more-florida-fun/
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    Jun 17, 2015 10:14 AM GMT
    450x375x30.gif.pagespeed.ic.P3Wjc1JCzN.p
    Description: This graph shows the GDP growth in the State of Florida since 1970 separated out by the party of the governor.
    The growth is graphed as if those years occurred back to back without the intervening years during which the opposing party controlled the governorship.