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5 Reasons Americans Are Right To Blame Bush For The Economy

5 Reasons Americans Are Right To Blame Bush For The Economy

 

Written by Annie-Rose Strasser and Tara Culp-Ressler

Sixty-eight percent of Americans — including 49 percent of Republicans — say President George W. Bush is responsible for the state of today’s economy, a new Gallup poll finds.

Indeed, the country is still reeling from Bush’s disastrous economic stewardship. His irresponsible tax cuts and deregulatory policies have contributed significantly to the slow recovery and are partly responsible for the nation’s economic plight. Here are 5 reasons why:

1. Deregulated Wall Street: It was a great time to be a Wall Street executive during the Bush administration. Sweeping financial deregulation helped build the housing bubble and allowed financial institutions to pursue risky trades unchecked. In fact, Bush eliminated the rules that allowed Wall Street to cause the financial crash that plunged the nation into the Great Recession.

2. Cut Taxes For The Wealthy: The Bush tax cuts — over 50 percent of which benefited the richest 5 percent of American taxpayers — cost about $2.5 trillion over the decade after they were enacted. Ten years later, Bush’s tax cuts are still the main driving factor of the national debt:

3. Ran Up A Tab On Two Wars: The wars in Iraq and Afghanistan have cost the country trillions of dollars. Combined with Bush’s tax cuts, war spending was a main factor in blowing up the deficit and spending the surplus accumulated under Clinton. Lawmakers now use the deficit as an excuse for inaction.

4. Left Homeowners In A Lurch: While Bush was happy to help out the banks in the wake of the housing crisis, he did little to assist struggling homeowners. Hope For Homeowners, Bush’s proposal to assist those struggling with their mortgages, was a colossal failure; in its first six months, it helped just one homeowner renegotiate his mortgage. Many mortgage holders — 15.7 million or, one in three — are still underwater today.

5. Weakened Workers: Bush weakened worker safety regulations and collective bargaining rights under the Occupational Safety and Health Administration (OSHA) and the Department of Labor throughout his time in office. Today, corporations are back to making record profits, while workers’ incomes are falling.

This post was originally published by ThinkProgress.

 

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Photo from whitehouse.gov via Wikimedia Commons

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166 comments

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6:43PM PDT on Jun 22, 2012

So many I concur with here! Lewinsky:~WHY would someone hang on to a dress with "stains" on it? I couldn't believe when a 2nd term was had by this money grubber & his side-kick, the Brains~yeah you Cheney. So I thank you, Michael C, Bobbie H., Lawrence T., Darlene R. & others! I think you have said it all as eloquently as possible! Thaks!

3:35PM PDT on Jun 19, 2012

@Michael C.
"But i digress, it appears that the U.S. Government knew much of the details about 911 long before it became a historical fact, and a lasting stain on the American landscape."

It makes you wonder why there was never a real investigation into 9/11? More money was spent investigating the Monica Lewensky scandal than 9/11. I think America deserves to know the truth as the reaction to 9/11 has reshaped the nation.
http://911proof.com/6.html

3:28PM PDT on Jun 19, 2012

@Elísio R. "And when will he, Dick, and all of them be charged as war criminals?"
Both Bush & the dark lord Cheney have been convicted.
http://tehrantimes.com/opinion/97842-bush-finally-found-guilty-of-war-crimes
Spain was going to try him for war crimes, Obama put pressure on them not to. But there are still countries that stand up to tyranny.
http://jonathanturley.org/2010/12/02/wikileaks-obama-administration-secretly-worked-to-prevent-prosecution-of-war-crimes-by-the-bush-administration/

Of course the US would never abide by these convictions as our leaders think they are above international law. As much as Obama blames Bush/Cheney he will still protect them from prosecution like any other Administration controlled by the establishment.

9:40AM PDT on Jun 17, 2012

I liken the entire period of suffering known as the Bush Administration with that fateful day...911.

I will attempt to clarify, the Bush Regime implemented the Bush Tax Plan, right. How did that help your household. I know that Mitt Romney is quit grateful, along with Kock Bros.

But i digress, it appears that the U.S. Government knew much of the details about 911 long before it became a historical fact, and a lasting stain on the American landscape.

The Bush Regime was asleep at the wheel, while those around him set about a plan that would truly screw most Americans. There was an abundance of information about Fanny Mae and Freddie Mac, the looming foreclosure debacle, and yet, nothing but inaction. All of that was there, several years before the shoe was dropped on the heads of you, the American Citizen.

There was the invasion of Afghanistan and Iraq, better known as "the Wars, Where Bush Lied While Your Sons Died."

Let the Repugnants blame Obummer, know that any sober citizen of the U.S. is aware that we are once again being lied to. Let the shame be theirs.

If Obummer is guilty of anything it is his New Killer Drone Program, it is truly a Pandoras Box.

9:40AM PDT on Jun 17, 2012

I liken the entire period of suffering known as the Bush Administration with that fateful day...911.

I will attempt to clarify, the Bush Regime implemented the Bush Tax Plan, right. How did that help your household. I know that Mitt Romney is quit grateful, along with Kock Bros.

But i digress, it appears that the U.S. Government knew much of the details about 911 long before it became a historical fact, and a lasting stain on the American landscape.

The Bush Regime was asleep at the wheel, while those around him set about a plan that would truly screw most Americans. There was an abundance of information about Fanny Mae and Freddie Mac, the looming foreclosure debacle, and yet, nothing but inaction. All of that was there, several years before the shoe was dropped on the heads of you, the American Citizen.

There was the invasion of Afghanistan and Iraq, better known as "the Wars, Where Bush Lied While Your Sons Died."

Let the Repugnants blame Obummer, know that any sober citizen of the U.S. is aware that we are once again being lied to. Let the shame be theirs.

If Obummer is guilty of anything it is his New Killer Drone Program, it is truly a Pandoras Box.

5:43AM PDT on Jun 17, 2012

Not only is he a Republican he is a STUPID Republican. He is not malicious, merely inept.

5:11AM PDT on Jun 17, 2012

The truth finally comes out..WOW! Yep...Obama had a heck of a mess to clean up after Bush's time in office..No..Obama is not Perfect BUT He has pulled the economy back out of a HUGE RECESSION! NO I did not vote for Bush..not the first or second election either. Too bad Clinton couldn't stay in office!! : )

3:59AM PDT on Jun 17, 2012

I always love to read the republican comments that are still making excuses or diverting the blame for that fiasco that took place in your country over those years, your past president and his croonies were so corrupt and just lining each others pockets at everyone of your expense. Wake up, the rest of the world just kinda watched and shook our heads, such a waste.

3:45AM PDT on Jun 17, 2012

Kristen says:"It's funny little people actually understand and know. I'm not going to say Bush was not a part in the down ward economy but to then say Obama is great is repulsing. As for tax cuts - do ant of you really understand how they work. No cause you esd was a optical agenda journalist writes and think you know everything. You do realize that it's not really a tax cut. How is it a cut when they ate already paying more double the taxes on their income. The f phrase " tax cut" refers to the monirs that are reinvested j to the market and economy. The tax break is the reduction in tax ercentage on this reinvestment - which bare in mind is directly linked to jobs and our economy. Come on people stop reading poorly written crap and use your brains to really understand ehat is going on around you."
===============================
A PAID TROLL whose First Language is NOT English; trying to imitate some RNC, Repukelican National Committee Talking Point she has been handed. No profile to speak of. They PAY people like this to go on threads in "liberal" groups. This post is even more meaningless than the RNC handout it is obviously based on. There are probably other PAID TROLLS around. This one is PARTICULARLY inept.


3:21AM PDT on Jun 17, 2012

May I remind Americans that you elected Junior TWICE?! And that if the first was legally doubtful the second time he won by parctically a landslide? You are directly responsible for this state of affairs, but the worst part is the rest of the world, who has no chance of controling American's stupidity, is also carrying the burden of this criminal irresponsability!
And when will he, Dick, and all of them be charged as war criminals?

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