Bushco strikes our wallets

medicineman · #1 05-13-2007, 12:09 PM

President Bush's Record of Economic and Budget Failure

November 24, 2003

The economy entered recession in March of 2001, two months after President Bush was inaugurated. During the spring of 2001, the Administration claimed that its economic plan was the answer to our economic troubles and the President's tax cut proposals would strengthen a struggling economy. President Bush's economic plan was enacted soon after the recession began and now has been in place for two and a half years.
The Administration and congressional Republicans predicted that the President's tax cut plan would turn the economy around. Those predictions proved false - instead of a quick economic turnaround, the country still has fewer jobs than it did when the recession began. At 31 months, this matches the recession of the early 1990s, under the first President Bush, as the longest period of job losses since the Great Depression.
The start of a turnaround? We have a very resilient economy that is likely to recover eventually, even in spite of counterproductive economic policies. Economic growth surged in the last quarter and the economy began to create jobs, although at a rate too slow to keep up with population growth. It is too early to tell if this is the beginning of a healthy recovery or a false start much like we experienced a year ago, when growth also increased in the third quarter and we saw a few months of job creation. Senate Democrats hope that the worst is behind us and a strong recovery is around the corner.
Nevertheless, even a healthy recovery would not validate the Bush budget and economic policies. If the economy continues to create jobs at the current rate, it will take another year and a half to get back to the level of employment when President Bush took office. We would still have experienced the longest jobless recovery in our history and lost more than four years of normal job growth, reducing opportunities for new college graduates and those seeking new jobs. We also have experienced a permanent deterioration in our fiscal position that will mean higher interest rates and limit future growth and job creation, as well as burden future taxpayers with a heavier national debt and tax burden. The President's economic plan has clearly failed.
The Bush economic record. The recession began on President Bush's watch and a Republican Congress almost immediately enacted his plan to fix it. While the plan has been an economic and budget failure, the Administration's only response has been to push for more of the same failed policies.
The economy's performance under President Bush reflects the failure of his economic plan.

The economy has lost nearly 3 million private sector jobs under President Bush. His is the only Administration to lose jobs since Herbert Hoover. Despite a slight uptick in recent months, the last two and a half years are the longest period of ongoing job losses since the 1930s.
Census Bureau data shows that poverty increased and real median household income fell last year. In both years of the Bush Administration, the number of Americans in poverty has increased while the real income of a typical household has fallen.
The budget deficit reached a record high of $374 billion this year, with the Congressional Budget Office (CBO) projecting a deficit of $480 billion next year. Next year's deficit may well climb past $500 billion since the CBO numbers do not reflect the costs of military and other activities in Iraq.
Average annual economic growth under President Bush is 2.1 percent, less than two-thirds the average growth rate under President Clinton and rivaling his father for the weakest performance of any President in the last 50 years.

medicineman · #2 05-13-2007, 12:13 PM

million jobs lost. The economy has lost nearly 3 million private sector jobs since President Bush took office. The losses have been partially offset by an increase in government employment but total job losses under President Bush are still at 2.3 million.

Unemployment has increased by 2.8 million under President Bush. Today 8.8 million Americans are unemployed and the unemployment rate has remained at 6.0 percent for seven consecutive months. It was 4.2 percent when Mr. Bush was sworn in as President.
Worst job creation record of any modern president. No president since World War II has seen job losses during his tenure; President Bush is in danger of breaking this record of job growth. More than halfway through his term, he has lost 90,000 private sector jobs per month. From now on, the economy would have to create 197,000 private sector jobs per month to break even by the end of his term.
The worst job growth rate under any president since World War II came under the first Bush Administration. Job creation would have to pick up dramatically in order for President Bush to match his father's poor performance. The economy would have to create 326,000 jobs per month for this Administration to create the same number of jobs as the first Bush Administration.
Historically weak economic growth. The economy grew at a rate of 0.3 percent in 2001 and 2.4 percent in 2002. These are the worst two years since 1990-91. Growth did surge during the third quarter of this year. However, there was a similar - although smaller - surge in both growth and job creation a year ago that did not lead to a sustained recovery. So far, annual growth has averaged 2.1 percent under President Bush. Every President in the last 50 years has seen higher average annual economic growth rates over the course of their term, with the single exception of the President's father who produced an average annual growth rate of 2 percent.
Another jobless recovery. The recession that began a few months after President Bush took office has officially ended. However, the steady job losses and sluggish growth have produced a jobless recovery. Anecdotal reports in the press suggest jobs remain hard to find. The average length of unemployment, the percentage of workers unemployed, and the number of discouraged workers - those leaving the labor force for lack of jobs but not counted as unemployed - have all remained high in recent months.
The recovery after the recession that occurred under the previous President Bush was described as a jobless recovery. The current recovery is much weaker. Two years after the recession officially ended, we still have millions fewer jobs than we did when it began. By this point in the aftermath of our last recession, the number of jobs was back at roughly its pre-recession level. At our current rate of job growth, we have another year and a half to go.
Poverty increasing. The poverty rate increased from 11.7 percent in 2001 to 12.1 percent in 2002. This increase means that 1.7 million more Americans were living in poverty last year than the year before. After falling for seven consecutive years and, in 2000, reaching its lowest level since 1974, the poverty rate has climbed for the last two years. Three million more Americans lived in poverty last year than in 2000.
Real income falling. Real median household income also fell last year, for the second year in a row. In 2002 dollars (i.e. adjusted for inflation), median household income fell to $42,409 last year - a nearly $500 drop from $42,900 in 2001, and $1,439 below the 2000 level of $43,848. Median income provides a measure of the typical household, where half of all households earn more and half earn less.
A record deficit. The budget surpluses that President Bush inherited have disappeared. Last year's federal budget deficit reached $374 billion - the largest deficit in our history, breaking the record set in 1992, under the President's father. It may be a short-lived record as an even larger deficit is expected next year. In August, CBO projected a deficit of $480 billion next year. That doesn't include the costs of military and other activities in Iraq, which could push next year's deficit beyond $500 billion.
A record debt increase. Earlier this year, Congress passed the largest increase in the debt ceiling in our history, a $984 billion raise in the limit. The previous high was a $915 billion increase in November, 1990, under the first President Bush.
Worst fiscal reversal in history. Unfortunately, this is not a temporary deficit resulting from an economic slowdown or the costs of the war on terrorism. Instead, the Administration is proposing deficits as far as the eye can see. The $5.6 trillion 10-year surplus that President Bush inherited is now a deficit of more than $3.5 trillion, for a total fiscal reversal of more than $9 trillion.
This change in our fiscal outlook will mean that we will have nearly $6 trillion more national debt in 2008 than previously expected, roughly $20,000 for every single American. That will force the federal government to compete with private businesses for investment capital, hampering future economic growth by increasing interest rates and diverting funds from the private sector.
$2.2 trillion in market value lost. The stock market has lost $2.2 trillion since President Bush took office. The declining market reflects investors' confidence in the economy. But it has also wiped out trillions in assets, including significant retirement funds, made it more difficult and expensive for businesses to raise capital, and reduced consumer spending.
GOP digs a deeper hole. The economy has remained sluggish despite enactment of tax cuts that the Administration claimed would revive the economy. Instead of reevaluating their failed policy, the Administration and congressional Republicans are simply offering more of the same. This year, Congress passed the President's proposal for yet another massive tax cut that is - once again - significantly tilted in favor of the wealthiest Americans. Democrats sought to pass a tax cut that was designed to create jobs now, when the economy needs a boost, without worsening our long-term budget problems. Unfortunately, Republicans blocked that effort and used budget gimmicks to mask the full costs of their plan.
Now, the Administration and congressional Republicans are repackaging pieces of their existing agenda - such as tort reform - that have relatively little impact on jobs as a new "jobs package." This acknowledges that their previous policies have failed. Yet, it will do little to actually create new jobs. Democrats, by contrast, are seeking to create jobs through proposals such as a manufacturing tax credit and a new highway bill.
Outlook. We have a very resilient economy that, sooner or later, will recover and resume growing at a rapid enough pace to create jobs again. Between the tax cuts, higher government spending, and interest rate cuts, there is significant economic stimulus in the pipeline. However, once steady growth resumes, the Bush deficits will begin to hold back our economy. Businesses will see renewed growth and investment opportunities, and increase their demand for investment capital. Meanwhile, the need to finance the deficit will force the government to compete with the private sector for a limited supply of funds. The higher demand for capital will raise its price - interest rates. Higher interest rates, in turn, will dampen the recovery and economic growth.
The long run impact of the Bush borrow and spend economic policies is deeply disturbing. The record deficits will force taxpayers to spend hundreds of billions of dollars a year in interest on the debt, as well as pay higher interest rates on their own mortgages, car loans, and other borrowing. The higher debt and interest rate burden will inevitably mean that future taxpayers will also face a higher tax bill as a result of the Bush plan.

ViRedd · #3 05-13-2007, 02:12 PM

That article is dated November 24, 2003. It has no relevance to today's economy. I think the author was one who was calling the economy "The Bush Economy" back in 2003 along with the rest of his left-wing wacko friends. We don't hear them referring to the economy as "The Bush Economy" now, do we?

Let's give credit where credit is due, Med. Look up some timely information on the deficit to see how much its been slashed since the tax cuts.

Vi

medicineman · #4 05-14-2007, 12:38 AM

Quote:

Originally Posted by ViRedd

That article is dated November 24, 2003. It has no relevance to today's economy. I think the author was one who was calling the economy "The Bush Economy" back in 2003 along with the rest of his left-wing wacko friends. We don't hear them referring to the economy as "The Bush Economy" now, do we?

Let's give credit where credit is due, Med. Look up some timely information on the deficit to see how much its been slashed since the tax cuts.

Vi

It is only the people in the top 5% that have benefited from the Bush economy. The stuff you post about the economy is smoke and mirrors. Come down from your Ivory tower and have a look at the real America. BTW I saw on 60 minutes, the Co. Redfin is trying to fuck up your gravy train, Kudos, 6% of a million is fucking rediculous. I'll never use another realtor to buy or sell any property transaction i'm ever involved in again 60,000 for a few hours work, criminal, I realize your half is only 30,000, unless you list it and sell it, a pretty rare occurence, but 30K for that minimal work, Criminal.

ViRedd · #5 05-14-2007, 04:45 PM

That segment on 60 minutes was so slanted my chair slid across the room! Med, you can't believe everything you see on television. If you watched 60 Minutes on Sunday, then you also saw the interview with Mitt Romney. What an insulting, slimey piece of shit Wallace is. Both the Realtor and Romney segments were nothing but bullshit.

Vi

medicineman · #6 05-15-2007, 09:58 AM

Quote:

Originally Posted by ViRedd

That segment on 60 minutes was so slanted my chair slid across the room! Med, you can't believe everything you see on television. If you watched 60 Minutes on Sunday, then you also saw the interview with Mitt Romney. What an insulting, slimey piece of shit Wallace is. Both the Realtor and Romney segments were nothing but bullshit.

Vi

See, I knew your views were slanted. The only thing you'll watch is Fox noise. Pull your head out, there's a whole new world waiting to be explored. Maybe even you could learn something, Naw, I guess that would be expecting too much. You are just a bitter old man. Sometimes I even feel sorry for you, naw, just kidding. Go back to counting your money and watching Fox Noise. Enjoy your false sense of security while it lasts.

ViRedd · #7 05-15-2007, 12:57 PM

"The only thing you'll watch is Fox noise..."

Uhhh ... the last time I checked, 60 Minutes wasn't on Fox News. Again, nothing but bluster from you, Med.

Vi

hempie · #8 05-15-2007, 03:26 PM

the recession was fall out from the clinton white house. today the economy is the strongest its ever been. the stock market is constantly reaching new highs. and as for your michael moore avatar. it speaks volumes of your ignorance. you would probably be better off in france or maybe in a mini skirt sitting on bin ladins lap

Wavels · #9 05-15-2007, 03:31 PM

Quote:

Originally Posted by hempie

maybe in a mini skirt sitting on bin ladins lap

LOL,LOL,LOL,LOL
Wow that is too funny....good post hempie....keep 'em coming....
hahahahhahahhahahha

ViRedd · #10 05-15-2007, 03:44 PM

Hempie ...

That cracked me up ... great post! *lol*

Med wouldn't do to well in France with their new president though. Med's a union guy and a socialist to boot. The new president of France is coming up with some real inovative ideas to improve their economy. One thing he wants to do is not tax overtime wages of those who work longer than the standard 35 hour-work-week in France.

You can kinda see why Med, the union guy and socialist wouldn't like that, right?

Vi