About 10 months ago, I wrote a post called What's Wrong With The Bush Economy. In error, I cited statistics that indicated the economy was on good footing. Unemployment was low (almost 1.5% lower than now and the rate of growth was great. At that time, I blamed the worst of it on individuals, and I still do. It is the individual that buys their way into debt and it is the individual that takes on a home loan whereby the payments are 50% or greater than their take home pay. However, when Bush in 2002 said that they need to increase home ownership of "Non-Anglos" by five and a half million by 2010, we can see the results of that decision. Banks knew that the quasi-government Freddie Mac and Fannie Mae would assume all the risk and therefore made the high risk loans. The banks boomed, the housing bubble boomed and Freddie and Fannie got deeper into the poor house.
I do have to ask myself what Bush's motives have been for being the Republican Jimmy Carter. Is it as the conspiracy goes to enrich friends in the seemingly immune Goldman Saks, of whom or Treasury Secretary and head of the Federal Reserve hail from. Or is it just because this RINO capitulated proactively to all criticism that can be leveled at a conservative (racist, mean-spirited.....) and therefore couldn't spend money fast enough. The one good economic decision Bush made was tax cuts. Now I shall endeavor to list all of the mis-steps that have happened during or because of his administration in no particular order.
- Ethanol - need I say more. This has been horrible for inflation and pressures on food supplies
- Energy - No new drilling, No new refineries, No new nuclear plants. Remember, he did have 4 years of Republican majorities.
- Minimum Wage - This is such a scam and pander to Unions. Because many of them have clauses to adjust their own wage when minimum wage is adjusted. And really, this only redefines what $0.00 really is.
- Illegal Immigration - This one could have been taken care of under his administration. 20 Million illegals. Some work, and some do not. The bogus argument that they help keep produce costs low is crazy. The burden to schools, health care, and crime outweighs that.
- Rebate Checks - I have a couple of extra rolls of toilet paper I was thinking about stamping George Bush's picture on and say here is your rebate check. They have the same real value.
- Inflation - see all of the above.
- Medicare Plan B drug benefit - on behalf of all non-retired generations, thank you Mr. President. Bill Clinton cut Welfare rolls at the pressuring of Republicans, you ballooned our entitlement spending in the face of no real pressure.
- Federal Spending - I think we all know that Bush didn't use his veto pen for the first 6 years. And we all know how much the Republicans liked to put in earmarks knowing Bush would approve them.
My only hope is that we have a Ronald Reagan waiting in the wings. Please leave a comment and let me know what you think of Bush and the Economy