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George W. Bush takes a lot of guff for the situation we're in as a nation.
Here's the thing: It's largely unwarranted. Sure, he should have stepped in to avert the housing bubble by easing us back into higher rates. But so too should congress. And the people who sued the banks to make them give out bad loans--community organizers like Barack Obama--hold most of that blame.
The Bush tax cuts actually helped add 10.8 million jobs.
And we're also seeing that the townfall was actually aided by the stimulus, including ill-conceived programs like Cash for Clunkers. '
During the Bush years, despite the 2000 Recession, the attacks on 9-11, the stock market scandals, Hurricane Katrina, and wars in Iraq and Afghanistan, the Bush Administration was able to reduce the budget deficit from 412 billion dollars in 2004 to 162 billion dollars in 2007, a sixty percent drop. In 2004 the federal budget deficit was 412 billion dollars. In 2005 it dropped to 318 billion dollars. In 2006 the deficit dipped to 248 billion dollars. And, in 2007 it fell below 200 billion to 162 billion dollars. During the Bush years the average unemployment rate was 5.2 percent, the economy saw the strongest productivity growth in four decades and there was robust GDP growth.
Not only were more jobs lost initially after the 9-11 attacks in 2001 than in the 2008 market crash, but more jobs were created by President Bush’s pro-business policies and tax cuts than by the Obama-Pelosi “spend your way to hell” Keynesian failure.
It’s just too bad most Americans don’t know this.
And it’s too bad conservative leaders won’t defend freedom and limited government.