Economy tanks, Bush Has Nothing
posted by jrolsen
As the economy tanks, Bush responds with empty reassurances.
As the economy tanks, Bush responds with empty reassurances.
Watching George W. Bush address the New York financial community last Friday brought back many memories. Unfortunately they are all bad.
Bush gave a speach about the turmoil in the financial markets, said Monday that his administration is 'on top of the situation' in dealing with the slumping economy.
If what we have seen is his administration 'on top of the situation' then I we have one more example of the pathetic ability of his administration.
Don't worry though, Bush is an optimistic fellow, and he has a plan for the economy, and it entails persuading the nation to share his confidence.
Bush told his audience he was optimistic because the economy's 'foundation is solid' as measured by employment, wages, productivity, exports and the federal deficit. The New York Times did some research, and found (surprise, surprise) he was wrong on every count. On some, he has been wrong for quite a while.
You can check it out here: http://www.nytimes.com/2008 /03/16/opinion/16sun1.html? ex=1363320000&en=ca44a6 049a65dfb8&ei=5090& partner=rssuserland&emc =rss
Another example the Times provides is concerning the federal budget deficit. Bush in his speech focused on the size of the federal budget deficit but ignored that annual government borrowing comes on top of already existing debt. A little known fact is that publicly held federal debt will be up by a stunning 76 percent by the end of Bush's presidency.
As the New York Times states "Paying back the money means less to spend on everything else for a very long time."
One of the things I have long believed about George W. Bush is that he was all talk, and little action. In fact one of my main complaints with today's mainstream media was that they too often let Bush get away with making some pronouncement or speech, and never made him back it up with action.
I think with the economy we are seeing similar things, trouble is, this will be too big a mess to ignore. The media can get away with ignoring Iraq, because it is so far away, but the economy is right here and can't be ignored.
Bush gave a speach about the turmoil in the financial markets, said Monday that his administration is 'on top of the situation' in dealing with the slumping economy.
If what we have seen is his administration 'on top of the situation' then I we have one more example of the pathetic ability of his administration.
Don't worry though, Bush is an optimistic fellow, and he has a plan for the economy, and it entails persuading the nation to share his confidence.
Bush told his audience he was optimistic because the economy's 'foundation is solid' as measured by employment, wages, productivity, exports and the federal deficit. The New York Times did some research, and found (surprise, surprise) he was wrong on every count. On some, he has been wrong for quite a while.
You can check it out here: http://www.nytimes.com/2008 /03/16/opinion/16sun1.html? ex=1363320000&en=ca44a6 049a65dfb8&ei=5090& partner=rssuserland&emc =rss
One example the New York Times presents is: "Mr. Bush boasted about 52 consecutive months of job growth during his presidency. What matters is the magnitude of growth, not ticks on a calendar. The economic expansion under Mr. Bush -- which it is safe to assume is now over -- produced job growth of 4.2 percent. That is the worst performance over a business cycle since the government started keeping track in 1945."
Another example the Times provides is concerning the federal budget deficit. Bush in his speech focused on the size of the federal budget deficit but ignored that annual government borrowing comes on top of already existing debt. A little known fact is that publicly held federal debt will be up by a stunning 76 percent by the end of Bush's presidency.
As the New York Times states "Paying back the money means less to spend on everything else for a very long time."
One of the things I have long believed about George W. Bush is that he was all talk, and little action. In fact one of my main complaints with today's mainstream media was that they too often let Bush get away with making some pronouncement or speech, and never made him back it up with action.
I think with the economy we are seeing similar things, trouble is, this will be too big a mess to ignore. The media can get away with ignoring Iraq, because it is so far away, but the economy is right here and can't be ignored.
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Economy tanks, Bush Has Nothing | 1 comment (1 topical, 0 hidden)
Economy tanks, Bush Has Nothing | 1 comment (1 topical, 0 hidden)
