February 4, 2003 in Politics

Bush’s Depressing Economy

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Can’t help but share section from recent Allan Sloan article in Newsweek titled: Bush’s Depressing Economy:

“U.S. stocks have lost almost $5 trillion of value since Bush took office two years ago, a mind-blowing decline. The market has fallen more (in percentage terms) during Bush’s first two years than in the first two years of any modern president, including Herbert Hoover, who was in charge when the Great Depression began. And you can’t blame the Bush Market on the trauma of 9-11: stocks fell at a much faster rate from Bush’s Inauguration through Sept. 10, 2001, than they have since. Unemployment is up more than 40 percent (to 6 percent, from 4.2) since Bush took office; gigantic projected federal-budget surpluses have turned into deficits; the dollar has fallen sharply against the euro. The good news: interest rates have fallen, juicing consumer spending.”

Oh wait! It gets better.

“The president’s response to our problems has been to propose tax cuts that offer little in the way of short-term stimulus…..He’s not the first president to want to cut taxes—but he is the only president in at least 140 years (and probably ever) to suggest cutting taxes as we’re heading into a war. This all makes for a troubling picture for anyone hoping the economy and the market will resume booming as soon as the war with Iraq is behind us. Sooner or later the economy will fix itself, because it always does. The question is whether Bush’s policies will advance the recovery—or delay it.”

God help us!

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