How President Bush RUINED Our Nation’s EconomyBy Phillip Williams on January 27, 2010, 8:01 am Posted in Economy News
America’s economy is in ruins. Ten years after Bill Clinton’s hard work with Congress to balance the budget and reduce the national debt, George W. Bush has destroyed everything that was accomplished. It will take more than ten years to clean up the mess. The economy was not in a bad state when President Bush was elected, although the tech sector was no longer booming and the dotcom wave was over. President Bush should have planned to devote more money to education and rebuilding the nation’s highways and bridges.
Preoccupation With Tax Cuts
But his main preoccupation was tax cuts for the rich. To convince us they were needed, he began repeating the phrase “bad economy,” starting months before he took office. This mantra, spoken by a President whose election had already caused uncertainty due to its controversy, was taken seriously by companies large and small. They stopped hiring and cut down on purchases, just in case he was right. President Bush created an economic crisis — just so he could get his tax cuts passed.
As his presidency dragged on, President Bush did nothing to control spending — in fact, he encouraged the most outrageous federal expenditures in our nation’s history. He vetoed practically nothing (other than a stem cell research bill that would have helped to save lives), allowing Congress to go wild with pork-filled legislation. Some economic analysts believe that the Bush Administration deliberately engineered the collapse of the U.S. economy.
Bush’s Second Term
By Bush’s second term, all but the extremely rich were feeling the effects of cutbacks and layoffs. Yet, spurred on by good old American optimism, exploited by motivational speakers — you can have anything you want if you just believe — middle-class homeowners took out home equity loans and ran up extravagant bills on their credit cards. Mystical name-it-claim-it nonsense like “The Secret” took over businesses and even Christian churches, leading reasonable people to believe that an economic downturn couldn’t happen if they just kept on visualizing prosperity.
And the Bush administration, which should have been keeping a realistic eye on the economy, fell asleep at the switch. George W. Bush floated off on a corporal’s dream of military uniforms, aircraft carriers, salutes and medals, while forbidding the media to honor our fallen heroes in his endless wars because the American people would get depressed and unpatriotic if they saw flag-draped coffins. Now, we have to borrow from other nations just to break even. The U.S. owes over five trillion dollars to foreign nations. Meanwhile, Wall Street continues to pile up profits. And the nightmare never ends.
Where’s The Reagan Trickle Down
President Reagan’s “trickle down” theory has been proved false. Most Americans can’t maintain a reasonable standard of living, holding down three and even four jobs just to break even. We can’t even buy gas and groceries without putting it on our credit card and paying exorbitant interest rates. Write to President Obama today. Tell him that the only way to put things right is to rebuild the economy. Take some of the billions away from the super-rich and use it to fund education and infrastructure, and to pay workers what they are worth. Give tax breaks to the people who really need it — the average American citizen. Encourage small businesses, which right now are getting regulated out of existence. America can still bounce back, still be the greatest nation in the world, if her leaders adopt realism instead of fantasy optimism and keep faith with her people.