Monday, September 15, 2008

Did George Bush Destroy the Economy?

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.

  1. Ethanol - need I say more. This has been horrible for inflation and pressures on food supplies

  2. Energy - No new drilling, No new refineries, No new nuclear plants. Remember, he did have 4 years of Republican majorities.

  3. 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.

  4. 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.

  5. 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.

  6. Inflation - see all of the above.

  7. 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.

  8. 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


Thejotus said...

You make very valid points my friend. And while I am not a "Bush Bot," I do think some differing points should be made:

From 2000 through 2006, under President Bush, the GDP grew over 3% per year. I would consider that a healthy pace, no? Through mid-2008, the real economy has grown almost 20% since he took office. Overall, since W has been in office, the economy has grown in every single fiscal quarter; there has been no quarter of negative growth.

And to the average guy like you and I, we are better off now than 8years ago. Personal, disposable, inflation-adjusted income grew 9% in the first six years under Bush. Under Bush, the unemployment rate has remained under 6.3% and averaged 5.2%. In contrast, it was the same in Clinton's eight years.

So while I do agree Bush has not been aggressive in what we conservatives call "traditional values," he hasn't exactly had his thumb up his ass.

jrchaard said...

But this is where I think he goes wrong. I have a higher expectation out of him than a democrat. Bill Clinton had good growth during his term that slid into near recession when Bush came in, and I blamed Bill. Now it is George's fault. It is his fault as the leader of the Republicans for inaction and making things worse. He had an opportunity to enact conservative principles that could have helped to avoid this situation and he only made it worse.

Thejotus said...

And I agree, my brother from another mother. All I was saying is that he wasn't exactly sitting on his hands. You could say it was just the one hand...

Kansas Bob said...

I'd be happy if either candidate said no new tax cuts and promised to cut spending instead.. promising tax cuts is just political pandering.. I don't like it.

In reality neither candidate is going to solve any major problem because politicians on both side of the aisle can't seem to say no to spending.

I think that temporary crisis has hit for now in the energy and financial areas.. but eventually it will not be temporary. I am amazed at how little our leaders are doing about the many crises our country is facing.

Anonymous said...

It is obviously george bush's fault the economy sucks. really you have to be completely ignorant to think otherwise. When Clinton left office the economy was not that bad. Bush increased spending and then he decided to give tax cuts to the wealthy. republicans are crazy if you ask me. especially when the republicans say that Barack Obama is destroying the economy. really? it was all ready destroyed. Democrats try to fix problems while republicans create them!

Anonymous said...

i agree republicans are crazy! This has nothing to do with the economy but i think it is important. Why did republicans care so much about abortions when they start a war in iraq and kill a lot of innocent people. remind why did the go to war in iraq? and also how can republicans honestly not think that global warming is occurring. ignorant. ignorant ignorant. Republicans have no fact behind anything they say. and it just disgusts me.

Troy said...

The previous message was a paid blog post (sponsored by ACORN). Superlative language and flawed logic - wait is this Keith Olbermann?