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Thursday, May 17, 2012

Bush is Going to Teach Us about Growth?

        Talk about truth being stranger than fiction:

         Krugman had a piece titled "Killing Satire Isn't Enough"

         "Some people insist on waterboarding it first."

         "Former President George W. Bush will soon publish a book on strategies for economic growth."

          http://krugman.blogs.nytimes.com/2012/05/16/killing-satire-isnt-enough/

         Yes not a typo. Again, let;s briefly remember some of the Bush highlights. Weakest job creation numbers in the postwar era. Presiding over the Great Recession.

          What will be his first lesson? Super regressive tax policy 101? Of course the tax proposals we have had during the Republican primary were much worse than even Bush's tax cuts. Like Krugman and company point out, austerity is self perpetuating.

         Just like bad Right wing economic policy. The more you follow these ideas the worse they get. This is why as I have suggested we should call Boehner's bluff in again threatening to shut down the government without more spending cuts.

         Fine let's have them along with the military cuts and have the Bush tax cuts go away. Getting rid of them-even if the rates on the nonrich go up as well would be more than worth it.

        "That Bush believes the country needs his thoughts on how to create economic growth is laughable. After all, under his watch, “growth in investment, GDP, and employment all posted their worst performance of any post-war expansion,” while “overall monthly job growth was the worst of any cycle since at least February 1945, and household income growth was negative for the first cycle since tracking began in 1967.” As the Economic Policy Institute found, “between the end of the 2001 recession (2001Q4) and the peak of that expansion (2007Q4), the U.S. economy experienced the worst economic expansion of the post-war era.”

        http://thinkprogress.org/economy/2012/05/16/484981/bush-economic-book/

        Actually ThinkProgress adds this interesting point:

        "And its not just under Bush that the nation saw lackluster economic growth. Over the last 50 years, in fact, two-thirds of the private sector jobs created in the country have come under Democratic administrations"

        But wait, Mitt Romney created 10,000 jobs at Bain! Of course how many did he cut?

        So what did Goldwater say about moderation and vice? Why not be a partisan Democrat-why not be a partisan in favor of job growth rather than neutral like David Brooks between the choice of strong job growth and weak job growth?

       

        

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