Political Calculations
November 4, 2008

Alvin Felzenberg - The Leaders We Deserved With today's presidential election in the U.S., we thought it might be fun to consider the historical track record of the 42 unique individuals who have held the office since 1789.

To do that, we turned to Alvin Felzenberg, author of The Leaders We Deserved (and a Few We Didn't) (HT: Annika Mengisen), who re-evaluated how 39 of the United States' past presidents performed on the basis of character, vision, competence, economic policy, whether they preserved and extended liberty, and also how they dealt with the defense, national security and foreign affairs of their day.

Felzenberg did not evaluate Presidents William Harrison and James Garfield, both of whom died early in office. Additionally, Felzenberg omitted current President George W. Bush from consideration since his tenure in office is not yet concluded.

Ranking each president on a scale from 1 to 5 for each of these categories, Felzenberg averaged each of his category scores to find their overall average score. We've taken his rankings and presented them in the dynamic table below. You can sort the rankings according to category by clicking the appropriate column heading - clicking a category once will sort the list from lowest to highest score according to that category, clicking again will sort the list from highest to lowest score.

That said, what are you waiting for? You know you want to see who ranks where overall!...

Ranking U.S. Presidents
Year of Inauguration President Character Vision Competence Economic Policy Preserving and Extending Liberty Defense, National Security and Foreign Policy Average Score
1789 Washington, George 5 4 5 5 4 5 4.67
1797 Adams, John 5 3 3 3 2 4 3.33
1801 Jefferson, Thomas 3 4 4 3 3 3 3.33
1809 Madison, James 5 2 1 1 4 1 2.33
1817 Monroe, James 3 4 4 1 3 5 3.33
1825 Adams, John Quincy 5 3 3 3 3 3 3.33
1829 Jackson, Andrew 3 2 5 1 1 3 2.50
1837 Van Buren, Martin 2 2 3 1 1 3 2.00
1842 Tyler, John 2 1 2 2 1 3 1.83
1849 Taylor, Zachary 5 4 4 3 4 3 3.83
1849 Polk, James 1 2 5 4 2 5 3.17
1850 Fillmore, Millard 2 1 2 3 1 3 2.00
1853 Pierce, Franklin 1 1 1 3 1 3 1.67
1857 Buchanan, James 1 1 1 2 1 3 1.50
1861 Lincoln, Abraham 5 5 5 5 5 5 5.00
1865 Johnson, Andrew 2 1 1 2 1 3 1.67
1869 Grant, Ulysses 4 5 3 3 5 3 3.83
1877 Hayes, Rutherford 3 2 2 3 1 3 2.33
1882 Arthur, Chester 3 2 3 3 3 3 2.83
1885 Cleveland, Grover 5 2 3 2 2 3 2.83
1889 Harrison, Benjamin 5 3 3 3 4 3 3.50
1897 McKinley, William 5 3 4 4 2 5 3.83
1901 Roosevelt, Theodore 4 5 5 5 3 5 4.50
1909 Taft, William 5 3 2 3 2 3 3.00
1913 Wilson, Woodrow 3 4 3 4 2 4 3.33
1921 Harding, William 2 3 2 3 4 2 2.67
1923 Coolidge, Calvin 4 3 4 4 4 2 3.50
1929 Hoover, Herbert 4 1 1 1 2 2 1.83
1933 Roosevelt, Franklin 3 4 5 3 4 5 4.00
1945 Truman, Harry 5 4 4 2 4 4 3.83
1953 Eisenhower, Dwight 5 3 5 4 4 4 4.17
1961 Kennedy, John 3 4 4 4 4 4 3.83
1963 Johnson, Lyndon 2 3 2 2 5 1 2.50
1969 Nixon, Richard 1 2 2 1 2 3 1.83
1974 Ford, Gerald 5 2 3 3 3 3 3.17
1977 Carter, James 5 2 2 1 3 1 2.33
1981 Reagan, Ronald 5 5 3 5 4 5 4.50
1989 Bush, George H.W. 5 2 3 3 3 4 3.33
1993 Clinton, William 2 3 3 4 3 3 3.00

To our eye, Felzenberg's methodology for producing the rankings is neat - it will be interesting to see how new information adapts each president's overall standing.

For example, in his interview with Freakonomics' Annika Mengisen, he argued the following regarding Franklin Roosevelt's economic track record:

On the economic front, there were really two Franklin D. Roosevelts. First, there was the Roosevelt who rallied public confidence; restored faith in the nation’s political, economic, and banking systems; and used the economic crisis as a catalyst to enact beneficial public policies (such as TVA and infrastructure repairs) and safeguards against what he termed the “vicissitude” of life. In the latter category would fall programs with which he is most associated today: social security, unemployment compensation, and other, including some more controversial, entitlements.

Then there was the second Roosevelt. As he would have wanted, we will call him F.D.R., the “great experimenter.” This Roosevelt’s zigging and zagging often exacerbated the problems before him. Under F.D.R., the Federal Reserve, save for a short interval, continued the tight money policies it had imposed under Hoover.

F.D.R. never completely abandoned his ideological preference for balanced budgets; well after Keynes’s writings about the occasional need for deficits as a means of stimulating economic growth had become well known well into World War II; when heavy spending and increased borrowing finally lifted the nation from the Great Depression; and well after other nations had begun to recover.

Moreover, F.D.R.’s heavy intervention into the economy — often on behalf of organized labor — did not sufficiently cause overall unemployment rates to fall. The downturn in the economy late in F.D.R.’s second term, after a slight uplift in his first, caused F.D.R. to doubt whether his first seven years in office had been a success. I will not quarrel with that assessment.

A 2004 study that has begun attracting a great deal of attention due to today's economic situation establishes that FDR's main economic policy program, the National Industrial Recovery Act, was particularly misguided and ineffective in that it artificially inflated both wages and prices well above the economy's ability to sustain them:

The policies were contained in the National Industrial Recovery Act (NIRA), which exempted industries from antitrust prosecution if they agreed to enter into collective bargaining agreements that significantly raised wages. Because protection from antitrust prosecution all but ensured higher prices for goods and services, a wide range of industries took the bait, Cole and Ohanian found. By 1934 more than 500 industries, which accounted for nearly 80 percent of private, non-agricultural employment, had entered into the collective bargaining agreements called for under NIRA.

Cole and Ohanian calculate that NIRA and its aftermath account for 60 percent of the weak recovery. Without the policies, they contend that the Depression would have ended in 1936 instead of the year when they believe the slump actually ended: 1943.

FDR's short-lived policy had long-reaching effects. Artificially inflating the level of wages above their natural level amplified unemployment levels as many businesses were unable to operate at the higher costs. Meanwhile artificially inflated prices rose out of reach for many in the population, resulting in the destruction of demand, which in turn reduced production, which in turn resulted in greater levels of unemployment. In effect, he produced a poverty trap.

Since these outcomes are not a result of the randomness that often characterized FDR's approach to the economic crisis of his day, but rather his dedication to the objectives of this specific program, it's likely that Franklin Roosevelt's overall ranking will decline, as Felzenberg's scores for economic policy and preserving and extending liberty (in this case, economic liberty) are overstated.

And we'll have achieved Felzenberg's goal of a never-ending source of discussion!

Labels: ,



<< Home
Unexpectedly Intriguing!

About Political Calculations



blog advertising
is good for you

Welcome to the blogosphere's toolchest! Here, unlike other blogs dedicated to analyzing current events, we create easy-to-use, simple tools to do the math related to them so you can get in on the action too! If you would like to learn more about these tools, or if you would like to contribute ideas to develop for this blog, please e-mail us at:

ironman at politicalcalculations.com

Thanks in advance!

Most Popular Posts

The S&P 500 at Your Fingertips

Mapping S&P 500 Performance, Since 1871

Should You Trade In Your Gas Guzzler?

What Are the Chances Your Marriage Will Last?

Reckoning the Odds of Recession

Your 2009 Paycheck

Tipping Around the World

Revisiting the Lottery

Estimating Your Life Expectancy

Connecting the Dots for Personal Income Taxes

Quick Index

First Time Visitor to Political Calculations?

On the Moneyed Midways

A Lot, But Not All, of Our Tools

Recession Probability Track

Recession Probability Track - 11 October 2005 through 9 October 2009

Political Calculations' Recession Probability Track shows the probability that the U.S. economy will be in recession 12 months from the indicated date (shown in red) while revealing the probability trend over the past four years.

Previously, the probability of recession peaked at 50% on 4 April 2007, which means that March-April 2008 was the most likely period in which the NBER would have found the U.S. to be in recession.

As it happens, they almost did. The NBER instead chose December 2007 as the beginning month of the most recent recession (we had found a 46% probability for a recession beginning in that month!)

On the Moneyed Midways

Political Calculations is also the online home of On the Moneyed Midways (aka OMM), a review of the best posts contributed to the week's best business and money-related blog carnivals. More than that, we also name one post in each edition as being The Best Post of the Week, Anywhere! and at the end of each year, we name The Best Post of the Year, Anywhere! as well as identifying the best blogs we found during the course of the year!

The link below will take you to the running index containing our most recent back issues (you can easily navigate the index to find older editions.)

OMM's Running Index for 2008

Recent Posts

A Really Risky Retirement Scheme

On the Moneyed Midways - October 31, 2008

How Much Was Obama's House Really Worth When He Bo...

How Much Is Barack Obama's House Worth Today?

Return to the Rezko Lot

Incentives of the Rich and Famous

On the Moneyed Midways - October 24, 2008

Efficient and Rational, Yet Stupid

A Silver Lining in the Stock Market

The Great Teen Recession

Site Data

This site is primarily powered by:

This page is powered by Blogger. Isn't yours?

Visitors since December 6, 2004:

TTLB Ecosystem

CSS Validation

Valid CSS!

RSS Site Feed

AddThis Feed Button

JavaScript

The tools on this site are built using JavaScript. If you would like to learn more, one of the best free resources on the web is available at W3Schools.com.

Other Cool Resources

ZunZun - Exceptional regression analysis tool.
Wolfram Integrator - Solve integrals. Do calculus!
Create a Graph - Easy-to-use basic graph-making tool.
Many Eyes - Data visualization extraordinaire!


Archives
December 2004
January 2005
February 2005
March 2005
April 2005
May 2005
June 2005
July 2005
August 2005
September 2005
October 2005
November 2005
December 2005
January 2006
February 2006
March 2006
April 2006
May 2006
June 2006
July 2006
August 2006
September 2006
October 2006
November 2006
December 2006
January 2007
February 2007
March 2007
April 2007
May 2007
June 2007
July 2007
August 2007
September 2007
October 2007
November 2007
December 2007
January 2008
February 2008
March 2008
April 2008
May 2008
June 2008
July 2008
August 2008
September 2008
October 2008
November 2008
December 2008
January 2009
February 2009
March 2009
April 2009
May 2009
June 2009
July 2009
August 2009
September 2009
October 2009
November 2009
December 2009

Pajamas Media BlogRoll Member
Big Picture, The
Bloodhoundblog
Budgets Are Sexy
Cafe Hayek
Carpe Diem
Cheap, Healthy, Good
College Analysts
Copywriting Tips
Core77
Coyote Blog
Craig Harper
Darwin's Finance
Digerati Life, The
Disciplined Approach to Investing
Dividend Guy, The
Division of Labour
Doug Short
Dough Roller, The
Eclectecon
Econlog
Economics Roundtable
EconomicsUK
Entrepreneurial Mind
Environmental Economics
Escape from Cubicle Nation
Execupundit
Fat Pitch Financials
Fiscal Geek
Fortify Your Oasis
Get Rich Slowly
Gongol
Good Financial Cents
HR Bartender
Hot Air
i4cp Productivity
Ideologic LLC
Instapundit
Intangible Economy
I've Paid Twice for This Already
Joanne Jacobs
Kaus Files
Little Green Footballs
Mahalanobis
Making Ripples
Market Power
Mechonomics
Mighty Bargain Hunter
Monevator
Money Blue Book
My Dollar Plan
New Economist
Newmark's Door
Nina Simosko
Physorg
Private Sector Development
Radio Equalizer
Real Clear Politics
Richard Fernandez
Roger L. Simon
SCSU Scholars
Skeptical Optimist
Sound Politics
SOX First
Speculist, The
Sports Economist, The
squawkfox
The Truth Laid Bear
Three Star Leadership
Tim Worstall
Tough Money Love
Townhall
Trusted Advisor
voluntaryXchange
WILLisms
Winterspeak

Seeking Alpha Certified