Boom or Bust?

This post by Tim Blair notes something that I have started wondering about. How much of the “great economy” of the nineties was real and how much was hype?

During the 2000 election, the Democrats accused Bush of “talking the economy down” for the sin of noticing that the “Clinton Miracle” was slipping away.

One thing I noticed back in 92, was that as soon as Clinton became President, the economic news suddenly became very rosy, even before he had done anything significant. In fact, figures that are now seen as proof of a vibrant economy during the Clinton administration are now seen as portents of doom.

I think there was a lot of smoke blown up a lot of asses during the nineties.