When we look at those outcomes, we find that, as Harvard's Jeffrey Frankel wrote in late 2002,8 there is a dramatic disconnect between rhetoric and reality: 'The pattern is so well established that the generalisation can no longer be denied: The Republicans have become the party of fiscal irresponsibility, trade restriction, big government and bad microeconomics. Surprisingly, Democrat presidents have, relatively speaking, become the proponents of fiscal responsibility, free trade, competitive markets and neoclassical microeconomics.'

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