Republicans say this of the Bush era before the Wall Street meltdown of 2007-2009. "Those first six years of Bush were economically sound, with full employment numbers, low inflation, and steady growth. Until the housing bubble burst."
YES, it was a BUBBLE economy! The Bush tax cut, two wars, socialist Medicare Prescription, Republican ethanol mandates, Republican pork barrel K-Street spending, Republican "Dream Down Payment Act" over-stimulated the economy. The Bush administration hollowed out finacial regulations. The Republican party is still Keynesian to this day in the fact that they have a slobbering love affair with big government and tax cuts.