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(16 points) The last three Presidents of the United States were all elected to a second term in office. Let’s examine the performance of the U.S. economy during the first term of each of the last three Presidents. Bill Clinton’s first term was from January 1993 to January 1997. George Bush’s first term was from January 2001 to January 2005. Barack Obama’s first term was from January 2009 to January 2013. Using the information in the table below, which President do you think did a better job with respect to the three primary measures of economic performance during their first terms of office? Why? Note: For the real GDP and CPI data, you need to calculate the real GDP growth rate and the inflation rate. Be sure to show your work.
Real CPI – Urban Unemployment
Month/Year GDP 1982-84 = 100 Rate (National)
Jan. 1993 $9,397 billion 142.3 7.4%
Jan. 1997 $10,727 billion 159.1 5.4%
Jan. 2001 $12,628 billion 174.6 3.9%
Jan. 2005 $13,948 billion 191.7 5.4%
Jan. 2009 $14,575 billion 211.4 7.3%
Jan. 2013 $15,540 billion 231.1 7.8%
SolutionGDP growth rate = (GDP in year 2 / GDP in year 1) – 1Inflation = [(CPI in year b-CPI in year A)/CPI year A] X 100During Bill Clinton’s first term from January 1993 to January 1997…
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