Legacies are usually written afterwards, but unfortunately, this one’s writing is on the wall. And given what’s already written there, a big space has been left for the next 13 months, assuming, of course, the wall doesn’t get bulldozed for a parking lot.
The Economic Consequences of Mr. Bush
When we look back someday at the catastrophe that was the Bush administration, we will think of many things: the tragedy of the Iraq war, the shame of Guantánamo and Abu Ghraib, the erosion of civil liberties. The damage done to the American economy does not make front-page headlines every day, but the repercussions will be felt beyond the lifetime of anyone reading this page.
I can hear an irritated counterthrust already. The president has not driven the United States into a recession during his almost seven years in office. Unemployment stands at a respectable 4.6 percent. Well, fine. But the other side of the ledger groans with distress: a tax code that has become hideously biased in favor of the rich; a national debt that will probably have grown 70 percent by the time this president leaves Washington; a swelling cascade of mortgage defaults; a record near-$850 billion trade deficit; oil prices that are higher than they have ever been; and a dollar so weak that for an American to buy a cup of coffee in London or Paris—or even the Yukon—becomes a venture in high finance.
And it gets worse. After almost seven years of this president, the United States is less prepared than ever to face the future.
Remember the presidential debates in 2000 between Al Gore and George Bush, and how the two men argued over how to spend America’s anticipated $2.2 trillion budget surplus? The country could well have afforded to ramp up domestic investment in key areas. In fact, doing so would have staved off recession in the short run while spurring growth in the long run.
I am seriously considering emigrating out of here. But who would take the Ugly Americans?
#1 – Ya know the song “proud to be an American” hasn’t come across my mind in many many years…
That song has never come across my mind.
Oh sure, I’m proud to be American, I guess… It’s just that I have good taste in music. 🙂
#9 – What we have now is better than what Kerry of Gore would have left us as this is still the US.
So says the man anxiously awaiting the release of Mad Max 4.
It’s cute how tightly you cling to your bizarre anti-KerryGore notions.
#10 – OH MY GOD… It’s like looking in a mirror…
#11 – but hey we all got a $300 check
Well… not ALL of us… actually, I didn’t.
#20 How is this the Bush administration’s fault?! This is the fault of the Fed.
Whatever happened to “The Buck Stops Here”?
Oh yea… That was a Democrat…
#24 – If its not a living wage, then how are people living while working on that job?
Multiple low wage jobs. Substandard housing. Multiple wage earners living communally. Wracking up big debts that will crush them.
What do you care? Compassion isn’t what Republicans do.
#25 – Everywhere I go, I see plenty of now hiring signs.
You are an auto-responder, aren’t you? You are a bot. You gotta be, because that old canard has been debunked into the ground.
We ALWAYS accept applications. HR loves full drawers of apps. It doesn’t mean there are actually jobs.
It’s one thing to accept applications, it’s quite a different thing to say “now hiring”.
What do you mean by “substandard” housing?
And what’s so shocking about “multiple wage earners living communally”?
#33 The issue is Bush’s legacy on your country and a big part of that is the way he’s robbed the American tax dollar. Your words and the fact that your not outraged by this indicates to me that you support Bush policy.
38
> #33The issue is Bush’s legacy on your country and a big part of that
> is the way he’s robbed the American tax dollar. Your words and the
> fact that your not outraged by this indicates to me that you support
> Bush policy.
Again, people are confusing my rage of people blaming everything on the lack of tax on the rich people as the cause for everybody’s problems vs. what Bush is doing with the money. Whether I agree with what he is doing or not is not the issue.
The issue is some people are getting more sex than me and I want some of it!
#36 – It’s one thing to accept applications, it’s quite a different thing to say “now hiring”.
As a guy who put that sign in the window, Now Hiring is HR speak for “Yes, we’ll file your application away.”
If now hiring meant “we have an open position” I’ll bet far fewer job seekers would be complaining about being rejected so often.
They’d stiff have lack of jobs to complain about, but at least they wouldn’t feel so bad on a personal level.
#37 – What do you mean by “substandard” housing?
I mean housing thats good enough for me but not good enough for Republicans.
Don’t tell the rest of the gang here, OFTLO. They don’t seem to think that you can survive on less than $60K per year.
#42 – Well, if “survival” is all we are raising the bar to….
#29
So, you are basically saying we should increase taxes on the rich even if it lowers tax revenue? That is clinically insane. If you increase taxes on the rich, they will work harder to lower their tax burden which means they will take their money out of taxable investments and put it into non-taxable ones and tax revenue will drop. You seem incapable of understanding that *wealth* is not taxed; only “income” is taxed. The guy that owns fifty 80 foot yachts is not claiming millions in taxable income. He has millions in wealth and ownership which he uses to pay for said yacht. The rich will do all kinds of tricks such as creating shell companies to manage and purchase assets that are “borrowed” by the owner.
The way to increase tax revenue is to find ways of encouraging the rich to put their money in taxable investments.
#35
(RE: Fed)
> Whatever happened to “The Buck Stops Here”?
When the “Buck” actually involves someone that works for the Executive Branch, then yes the Buck Stops at the President’s desk. However, the Fed chairman does not work for President.
#38
And what of Congress that endorsed all of those budgets?
#27: I’m sorry. Can’t find the link. This was a story about a year, year and a half ago by a private employment agency and their qualifications for accepting new clients. I remember reading the story about four times to make sure I was reading it right.It made such a shocking impression on me that I remembered the statistic, though. My apologies.
Well, that’s true. The lobbyists really have your country by the balls. I ‘m glad I don’t live in the US under corporatism. It just amazes me that you allow it and defend it.
#44
Well, that’s true. The lobbyists really have your country by the balls. I’m glad I don’t live in the US under corporatism. It just amazes me that you allow it and defend it.
#44 – However, the Fed chairman does not work for President.
No… He or she is nominated by the President from the sitting Board of Governors and confirmed by the Senate. But he “works” for you and me and everyone else.
Off on a tangent… I don’t blame the President for things that are done by other, lower government agents. I only expect him to be responsible for those things. There is a difference. And Bush, who is a petulant silver spoon baby, and a cokehead turned Bible Thumper, seems to have no concept of “responsibility”.
#47 Dylan –
Is your reply actually meant for #44? Because if it is, it makes absolutely no sense.
#49
It was meant for #44
”And what of Congress that endorsed all of those budgets?
Comment by Thomas —”
I’m presuming that Thomas was making a statement that it’s not totally Bush’s fault.
And, I agree. The US Congress is just as guilty. Why? Go to #47
One thing is certain. George Bush will go down as the most reviled President in history. I have a feeling there won’t be too many children named George in the coming few years.
If you forget the specifics, I find it interesting that the person who “lost” the presidential election to Bush just won the Nobel Peace Prize. To say it is a shame that he is not in office is an understatement.
Could he have done any better? No one will know.
Bob
>>Could he have done any better? No one will know.
In the alternative, could he have done any WORSE? I don’t believe that’s humanly possible.
The Chimperor in Chief has fucked up every single thing he has touched even in passing, from rebuilding New Orleans to the so-called “war on terror”. And in the process, he’s done his darndest to destroy, besmirch, and sully everything that America used to stand for.
We have national election here in Denmark today d. 12. We pay around 50% and up in tax. We have two sites in our Parliament, one site how they don’t want more tax, and one other how say we have to pay a bit more. The one’s who say we have to pay more are winning !!
54,
If you add all the tax the USA pays…
30% off the top of wages.
Then we pay EVERY store, for all of their taxes, on food, trucking, import,
THEN we pay their electric and GAS and the taxes on those,
THEN we pay all the taxes to EACH person paid, AS the USA has a matching tax system the employer pays 1/2…in state and workmans comp…
THEn we pay our rent which is about 1/4 goes to TAX, and all our OWN utilities… THEN fuel taxes…
THE USA tax payer ends up paying about the Same, if not more.
#55
Also, the cost for healthcare insurance.
Some professor at Harvard calculated embedded taxes at about 22% of all purchases.
So, around 30% of your check….gone before you get it. Every purchase you make, along the supply lines about 22% of that value goes to the federal government.
Sorry, support FairTax now! I want my prebate.
Thomas, that’s exactly how they operate. It feels better to have these people paying more taxes, even if you get less money. That’s why we have an estate tax, alternative minimum tax, capital gains tax, and so on.
#58
Agreed. Proponents of raising taxes on the “rich” simply want to punish those that are better off. There is no logical justification for it beyond envy.
#55
There is a big difference: choice. If taxes are based on consumption, then consumers can make choices that can reduce their tax burden. In addition, I question your claim that the US pays equivalent in taxes to European countries. All of those taxes you mentioned also exist in other countries. However, you do point out something that is crucial to understanding taxes: corporations do not pay taxes…in any country. When taxes are levied against corporations, they simply pass those additional costs along to the consumer. It is the consumers that actually pay taxes.