Who gets the credit?
Recently, I read an article in the New York times dealing with the new favorable unemployment rate as well as the Fed’s plan to increase interest rates due to improving economy. In his first two months in office the stock market has increased far past greater expectations, the unemployment rate has continued to decrease, and the Fed even believes that the United States is headed towards full employment. When the economy does poorly, a new president will attribute the economic climate to their predecessor. When the economy does well the president takes credit for it, no matter what actions they actually took. However, the citizens decide who to attribute the economic climate to; whether it be the current or previous administration.
Under the Nazi regime, the economy quickly turned around from extremely high unemployment and inflation to stability and prosperity for many Germans. While most of the nation never received a highly politicized vacation day, dealt with rationing, and saw their real wages actually decline, the relative collective belief throughout Nazi Germany was that the economy and the nation was doing well. Most importantly, most Germans believed their government was responsible for improving the economy and should continue their efforts to improve their own lives. They attributed the perceived collective gains in the economy to whatever the Nazis implemented and believed their government was making the right choices.
In the first months of the Obama administration, the nation felt the full front of the economic recession. The economic turmoil was generally blamed on the Bush administration’s missteps. Now, with the economy doing continually better under a new administration the American people have to decide who to attribute the economy to.