Miller, Roger LeRoy. Economics Today. 14. New York City: Addision Wesley, 2007.
I'm working from the 13th edition, but I'm guessing it's probably pretty similar. I haven't had time to go through it in too much detail yet, but I found the following quote in the chapter on fiscal policy:
So ok, time lag exists, I'm with ya. The time to get congress to agree to a policy. The time for the policy to affect the economy. Etc... But the time scale is 1-3 years and doesn't even fill the entire first term of a president, let alone the 12 years of Reagan/Bush 1, the 8 years of Clinton, or the now 7 years of Bush 2. By the above logic, right now we're feeling the results of the Bush administrations time and the boon in 98 was a result of the Clinton administrations time.