Is Bush’s record when he makes conservatives pine fo Clinton.

If Clinton and Bush were graded solely on the basis of fiscal policy, one could argue that their tax and spending records offset each other. But there are other important issues, and Clinton clearly wins the tiebreaker.

Take trade, for example. At best, Bush has a mixed record. The Central American Free Trade Agreement is a step in the right direction, but his steel tariffs and agricultural subsidies are examples of anti-trade initiatives. Clinton policy was unambiguously pro-trade, however, largely because of the approval and implementation of the North American Free Trade Agreement and the General Agreement on Tariffs and Trade that also launched the World Trade Organization.

Clinton gets a better grade on regulatory policy, as well. Bush signed into law the prohibitively expensive Sarbanes-Oxley law, as well as a market-distorting energy bill. The Clinton years, by contrast, saw the burden of regulation reduced on numerous sectors of the economy, including agriculture, financial services and telecommunications.

Clinton also beats Bush on federalism. He signed a welfare reform legislation that ended an entitlement program and reduced the central government’s power and authority. On education, Bush went the other direction. His No Child Left Behind Act increased federal control over an area that properly belongs under the purview of state and local governments.

A net impact of other policy choices — especially if appointments to the courts and regulatory agencies are added to the equation — would reduce Clinton’s score. Yet a more comprehensive analysis would also include the long-term negative impact of Bush’s new prescription drug entitlement, which single-handedly saddled taxpayers with trillions of dollars of unfunded liabilities.

Sigh. I miss gridlock.