The economy might be scary, but the good news is that a Democrat just got elected. Analyzing federally-published economic data since 1958, Democratic presidential administrations have done better with the main economic indicators than have Republican administrations.
The percent of growth of the gross domestic product per capita has been moderately better under Democrats (4.09% to 2.94%, eta = .28, p = .03).
Unemployment has been moderately lower under Democrats (5.33% to 6.28%, eta = .35, p = .01).
Democrats have done less federal spending in terms of percent of gross domestic product (19.60% to 20.67%, eta = .35, p = .01).
Republicans have run up a moderately larger deficit in terms of percent of gross domestic product (-2.70% to -1.21%, eta = .40, p < .01).
There were no significant differences between party administrations in terms of inflation, taxes, and defense spending.
Although I did all the work entering it into statistical software and analyzing it, this data was originally compiled by Michael Kinsley: http://www.slate.com/id/2199810/. All p's are one-tailed.
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