Thankfully Obama is ready to negotiate with them on tax cuts for the richest Americans. Surely caving in this time will work, right? Washington is probably upset that Wall Street bonuses will probably be down this year and who can really live on $400,000 – $500,000 per year? (An average range, of course, but how can one live on such chump change?) If Wall Street is prepared to cut back, everyone else should be ready to cut back, right? Just imagine how rough it’s going to be for Wall Street traders to provide proper holiday gifts with so little? At least we know that we’re all in this together and our brave leaders in Washington understand the situation.
To be sure, George W. Bush provided the perfect bookend to era of modern Republican economic management ushered by Herbert Hoover. The verdict on President Bush’s reign of ruin was pronounced even before Barack Obama took the oath of office. January 9, 2009, the Republican-friendly Wall Street Journal summed it up with an article titled simply, “Bush on Jobs: the Worst Track Record on Record.” (The Journal’s interactive table quantifies his comparative failure.) Just days after the Washington Post documented that George W. Bush presided over the worst eight-year economic performance in the modern American presidency, the New York Times on January 24 featured an analysis (“Economic Setbacks That Define the Bush Years”) comparing presidential performance going back to Eisenhower. As the Times showed, George W. Bush, the first MBA president, was a historic failure when it came to expanding GDP, producing jobs and fueling stock market growth.
But it was the release of a Census Bureau report in September (“Income, Poverty, and Health Insurance Coverage in the United States: 2008”) which in 67 pages laid bare the economic devastation and human toll during the Bush presidency. As The Atlantic (“Closing The Book On The Bush Legacy”) rightly noted, “It’s not a record many Republicans are likely to point to with pride”:
On every major measurement, the Census Bureau report shows that the country lost ground during Bush’s two terms. While Bush was in office, the median household income declined, poverty increased, childhood poverty increased even more, and the number of Americans without health insurance spiked. By contrast, the country’s condition improved on each of those measures during Bill Clinton’s two terms, often substantially.This table (via The Reaction) provides a horrifying snapshot of the scope of the national calamity under George W. Bush:
The extent of the failure by Jeb’s brother was particularly glaring when it came to employment and job creation. The dismal 3 million jobs created under President Bush didn’t merely pale in comparison to the 23 million produced during Bill Clinton’s tenure. As the reliably Republican Wall Street Journal summed up its interactive table on the subject, “Bush on Jobs: The Worst Track Record on Record.” In September 2009, the Congressional Joint Economic Committee charted Bush’s job creation disaster, the worst since Hoover:
Sadly for the Republican message machine, the GOP’s pitiful record on the economy isn’t limited to Bush 43. History shows that from GDP growth and job creation to managing the national debt and producing gains for investors, it is the Democratic Party which is the friend of Wall Street and Main Street alike.
For the investor class so fond of perpetuating the myth of Republicans’ superior economic stewardship, the collapse of the stock marketing during the Bush recession must be particularly galling. The Standard & Poor’s 500 spiraled down at annual rate of 5.6% during Bush’s time in the Oval Office, a disaster even worse than Richard Nixon’s abysmal 4.0% yearly decline. (Only Herbert Hoover’s cataclysmic 31% plunge makes Bush look good in comparison.)
Climate Progress – GOP “Pledge To America” is an oath to Big Oil — written by a former Exxon lobbyist!
From Climate Progress:
House Republicans just released “A Pledge to America,” its agenda for the 112th Congress if they take charge. The Republicans claim that their document — written by former Exxon lobbyist Brian Wild — is “one in which the people have the most say and the best ideas trump the most entrenched interests.”
When it comes to energy policy, the GOP leaders actually ignore public opinion, ignore science, and instead promote the same old ideas flogged by big oil lobbyists and other energy interests. The entire Republican energy policy is a single sentence:
We will fight to increase access to domestic energy sources and oppose attempts to impose a national “cap and trade” energy tax.