James W. Harpel Professor of Capital Formation and Growth
When George HW Bush was laid to rest last week, the encomiums appropriately remarked on his general decency and competence, which tended to be followed by a “but.” For journalists and historians, it is “but he was only a one-term president.” He lost the 1992 election, in part because of the recession of 1990-91. For his fellow Republicans, however, it is “but he broke with the legacy of Ronald Reagan by repudiating his ‘no new taxes’ pledge.” Bush’s electoral defeat was blamed on that supposed betrayal.
Frankel, Jeffrey A. "George HW Bush Was Fiscally Responsible – Unlike Donald Trump." The Guardian, December 11, 2018.