Blinder and Watson reported that budget deficits were smaller under Democratic US Presidents, at 2.1% potential GDP versus 2.8% potential GDP for Republican US Presidents, a difference of about 0.7%. They wrote that higher budget deficits should in theory have boosted the economy more for Republicans, and therefore cannot explain the greater GDP growth under Democrats.
Stock market returns are also higher under Democratic US Presidents ever since 1945, according to both CNN and Blinder and Watson.
CNN reported in October 2020 that 10 of the last 11 recessions began under Republican US Presidents, and that “Every Republican president since Benjamin Harrison, who was in office from 1889 to 1893, had a recession start in their first term in office.” NBER reports the start date of recessions; the following list includes the President in office at that time and their party:
Blinder and Watson calculated that the US economy was in recession for 49 quarters from 1949-2013; 8 of these quarters were under Democratic US Presidents and 41 of these quarters were under Republican US Presidents.
During a March 2004 interview, future Republican US President Donald Trump stated: "It just seems that the economy does better under the Democrats than the Republicans."
Journalist David Leonhardt wrote in the New York Times that economists he interviewed were unsure about the causes of the better economic performance under Democratic US Presidents. However, one proposed cause was that Democratic US Presidents were, on average, more pragmatic than Republican US Presidents were. Random good luck and the condition of the US economy at the start of US Presidents' terms have also been suggested as possible causes of this due to the fact that it's easier for an economy to grow rapidly and create a lot of jobs right after a recession as opposed to after a very long period of economic growth and strong job creation.
The table below compares various economic data for Democratic and Republican US Presidents, using the Blinder & Watson data (typically Truman's elected term through Obama's first term).
James I, Count of La Marche
James I, Count of La Marche (1319 – 6 April 1362) was a French prince, the younger son of Louis I, Duke of Bourbon and the younger brother of Peter I, Duke of Bourbon. He was killed in 1362 at the Battle of Brignais, during the Hundred Years' War between the House of Plantagenet (which ruled over England and parts of France) and the House of Valois (which ruled over most of France). He was the father of John, Count of La Marche, who married Catherine of Vendome and together had a son named Louis, Count of Vendome. James is also the male-line ancestor of Henry IV of France, the first French King from the House of Bourbon.
Pitch Lake
The Pitch Lake is the largest natural deposit of asphalt in the world. It is estimated to contain 10 million tons of asphalt. It can be found in La Brea in southwest Trinidad, inside the Siparia Regional Corporation. The lake covers about 100 acres (0,405 square kilometres). The lake is 250 feet (76,2 metres) deep.
The Pitch Lake has been very interesting to explorers and scientists. It was re-discovered by Sir Walter Raleigh in his expedition there in 1595. Raleigh himself used the asphalt to caulk his ship. The native Amerindians told Raleigh where he can find the lake. The native Amerindians had their own story about where the lake came from. The story goes that the people living there were celebrating a victory over a rival tribe when they got carried away in their celebration. They then cooked and ate the sacred hummingbird which they believed possessed the souls of their ancestors. According to legend, their winged God punished them by opening the earth and calling the pitch lake to swallow the entire village. So, the lake became a reminder of their sins. The local villages believe this legend because found many Amerindian artifacts and a skull that have been discovered and preserved, in the pitch.
In 1887, Amzi Barber, an American businessman known as "The Asphalt King", got a 42-year monopoly concession from the British Government for the Pitch Lake for his company, Barber Asphalt Paving Co. It was from the Pitch Lake that many of the first asphalt roads of New York City, Washington D.C., and other Eastern U.S. cities were paved.
Operational transformation
In computer science, operational transformation is a technique in building collaborative software systems.
Collaboration systems using operational transformations typically use replicated document storage where each user has their own copy of the document. Users operate on their own local copies. Their changes are then pushed to the rest of the users. When a user receives the changes pushed from another user, they typically transform the changes before executing them.
The idea of operational transformation is to transform (or adjust) the variables of an editing operation according to the effects of previously executed operations so that the transformed operation can achieve the correct effect and maintain document consistency.
Operational transformation can be shown by using the example of a text editing scenario. Given a text document with a string "abc" replicated at two collaborating sites; and two concurrent operations:
generated by two users at sites one and two, suppose the two operations are executed in the order of O1 and O2 (at site one). After executing O1, the document becomes "xabc". To execute O2 after O1, O2 must be transformed against O1 to become: O2' = Delete[3, "c"], whose position variable is incremented by one due to the insertion of one character "x" by O1. Executing O2' on "xabc" deletes the correct character "c" and the document becomes "xab". However, if O2 is executed without transformation, it incorrectly deletes character "b" rather than "c".
J. Martin Hunter
J. Martin Hunter is a British lawyer specializing in arbitration. He is an emeritus professor at Nottingham Trent University.
Hunter attended The Pilgrims' School, Winchester, then the Shrewsbury School. He attended National Military Service, then studied at Pembroke College, Cambridge. He holds bachelor of arts (Law) from the University of Cambridge.
Hunter was an articled clerk at Freshfields Bruckhaus Deringer. After studied at the College of Law, London, he became an associate at Freshfields and a partner. He also became a member of the International Bar Association in 1967.
Bako Ambianda
Bako Ambianda is an entrepreneur, author, engineer and CEO of Labacorp Group of Companies, a company with a portfolio of businesses and strategic investments in numerous sectors.
Ambianda holds a BSc degree in Civil Engineering from the University of Texas at Austin, with advanced professional certificates in international development, strategic project management, and economic diplomacy.
Ambianda began his career as a Citizen Diplomat at Maryland State House. He is the CEO of Labacorp Power Company (LPC), an independent power producer and renewable energy development company that specializes in the facilitation, development, and operating of sustainable power generation projects in Africa, with a growing portfolio of projects. He also serves as the President and CEO of Labacorp Energy Limited (LEL), an indigenous Cameroonian energy company that provide specialized and innovative solar energy solutions and services.
Prior to this, Bako is the Chairman, CEO and Founder of ATIGS Group, Inc (Africa Trade & Investment Global Services), a company that offers full spectrum of consulting and business development services to companies looking to expand their operations in African markets.
Ambianda has won numerous awards which includes
1. The Global Business Disruptor 2018 Award by Professional Association of Young Africans (PAYA).
2. Most Admired Young Global African 2019 by PASSION VISTA, Class 2019.
3. Most Influential People of African Descent (Under 40) by MIPAD, Class 2018.