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Tue Jun 12, 2012, 11:38 AM

"The Damage Done" - George W. Bush's Tab



Bruce Bartlett tallies it. The damage this single president did to the core of the country's fiscal health - and our ability to weather a storm like 2007 - 2009 - is hard to find parallels with. Money quote:

June 12, 2012, 6:00 AM
The Fiscal Legacy of George W. Bush
By BRUCE BARTLETT

Putting all the numbers in the C.B.O. report together, we see that continuation of tax and budget policies and economic conditions in place at the end of the Clinton administration would have led to a cumulative budget surplus of $5.6 trillion through 2011 – enough to pay off the $5.6 trillion national debt at the end of 2000.

Tax cuts and slower-than-expected growth reduced revenues by $6.1 trillion and spending was $5.6 trillion higher, a turnaround of $11.7 trillion. Of this total, the C.B.O. attributes 72 percent to legislated tax cuts and spending increases, 27 percent to economic and technical factors. Of the latter, 56 percent occurred from 2009 to 2011.

http://economix.blogs.nytimes.com/2012/06/12/the-fiscal-legacy-of-george-w-bush/
http://andrewsullivan.thedailybeast.com/2012/06/george-w-bushs-tab.html

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Reply "The Damage Done" - George W. Bush's Tab (Original post)
kpete Jun 2012 OP
rrneck Jun 2012 #1
TrollBuster9090 Jun 2012 #9
kentuck Jun 2012 #2
Bandit Jun 2012 #4
kentuck Jun 2012 #5
bupkus Jun 2012 #19
xtraxritical Jun 2012 #29
Moostache Jun 2012 #35
The Wizard Jun 2012 #38
oldhippydude Jun 2012 #25
bupkus Jun 2012 #34
midnight Jun 2012 #42
lostnote12 Jun 2012 #39
Skidmore Jun 2012 #46
deutsey Jun 2012 #12
Raster Jun 2012 #23
Gabby Hayes Jun 2012 #45
Raster Jun 2012 #62
russspeakeasy Jun 2012 #3
Doctor_J Jun 2012 #6
bupkus Jun 2012 #21
Ganja Ninja Jun 2012 #27
Doctor_J Jun 2012 #32
Mosaic Jun 2012 #54
AnotherMcIntosh Jun 2012 #7
rurallib Jun 2012 #11
AnotherMcIntosh Jun 2012 #15
rurallib Jun 2012 #20
dhill926 Jun 2012 #16
demtenjeep Jun 2012 #22
bupkus Jun 2012 #24
kristopher Jun 2012 #28
Sherman A1 Jun 2012 #47
lastlib Jun 2012 #8
libodem Jun 2012 #10
Uncle Joe Jun 2012 #13
kpete Jun 2012 #18
AnotherMcIntosh Jun 2012 #14
kenfrequed Jun 2012 #55
NRaleighLiberal Jun 2012 #17
Mnemosyne Jun 2012 #26
Spitfire of ATJ Jun 2012 #30
bobthedrummer Jun 2012 #31
Dawson Leery Jun 2012 #33
deaniac21 Jun 2012 #36
Swede Atlanta Jun 2012 #37
Peaceful Protester Jun 2012 #40
Skittles Jun 2012 #44
PotatoChip Jun 2012 #58
young_at_heart Jun 2012 #41
Overseas Jun 2012 #43
napkinz Jun 2012 #48
Diclotican Jun 2012 #49
lunatica Jun 2012 #50
MrTwister Jun 2012 #51
PotatoChip Jun 2012 #52
myrna minx Jun 2012 #53
Peaceful Protester Jun 2012 #56
Peaceful Protester Jun 2012 #57
Domingo Tavella Jun 2012 #59
kentuck Jun 2012 #60
Bill USA Jun 2012 #61
Dawson Leery Jun 2012 #63
ajain31 May 2013 #64
ajain31 May 2013 #65

Response to kpete (Original post)

Tue Jun 12, 2012, 11:49 AM

1. His "base" came out just fine though. nt

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Response to rrneck (Reply #1)

Tue Jun 12, 2012, 12:43 PM

9. His BASE indeed!


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Response to kpete (Original post)

Tue Jun 12, 2012, 11:49 AM

2. I have serious doubts that we will ever recover from this bozo...

His damage is permanent.

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Response to kentuck (Reply #2)

Tue Jun 12, 2012, 12:14 PM

4. You can blame this on one Party but not one individual

Republicans are responsible, with the aid of a few "Democrats" such as Zell Miller, Joe Lieberman, Ben Nelson, just to name a few, but it is the Republican Party that is almost entirely responsible, and to lay the total blame at Bush*'s feet is letting those most reponsible off the hook.. IMO

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Response to Bandit (Reply #4)

Tue Jun 12, 2012, 12:21 PM

5. Although I would agree that the Republican Party is to blame...


George W Bush was their leader and I doubt that any other moron could have done the damage that he was able to lead his Party to do - along with his VP, Dick Cheney. I think they led their Party and our country over the cliff and we may never climb back to the top.

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Response to kentuck (Reply #5)


Response to bupkus (Reply #19)

Tue Jun 12, 2012, 02:02 PM

29. Let's not forget how they totally perverted the electoral system and stole two elections.

 

The republiCONs are currently in the process of rigging elections in even worse, bigger and bolder ways. Vote a straight Democratic ballot!

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Response to xtraxritical (Reply #29)

Tue Jun 12, 2012, 07:29 PM

35. They are going to make it 3 out of the last 4 elections in November...just watch.

The suppression efforts now are only the most overt and out front ones and they are bad enough.
Come election time just watch how many surprisingly close counties and municipalities mysteriously end up short of ballots or come back red instead of blue.

In '00, it was Florida and the stooges on the SCOTUS that gave Shrub the win...
In '04, it was Ohio and Diebold machines that ensured a second term...
In '08, it was impossible to rig the election without a full-on revolt. The economic conditions were so bad and the edge of the cliff so clearly in sight that the PTB had to submit to 4 years out of the throne room (although they should have been beheaded and eliminated forever for what they did to the world).

In '12, there is going to be:
1) widespread voter suppression through scrubbing the voter registrations
2) even wider spread voter intimidation at the polls or in the communities where sympathetic local GOP thugs will subvert the rights of the people
3) complete fraud in any county that allows for voting machines that can be hacked or compromised by ANY private company.
4) "lost" precinct returns, "disqualified" ballots and whatever else can be used to tilt votes from their intended candidate to another's ledger.

The fix is in on this one, and in the end, the GOP is going to steal back the White House to act as their rubber stamp on the final destruction of the United States of America. I wish I could be confident that they will try and fail, but sadly I do not believe they will fail. If only the Democrats were an equal opponent instead of being the Washington Generals to the GOP's Globetrotters...

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Response to bupkus (Reply #19)

Tue Jun 12, 2012, 08:41 PM

38. Democrats still don't get it

Republicans are a criminal cartel that must be purged from the landscape or we will suffer the consequences for several generations. They made treasury looting an art and bankrupting the economy a science.

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Response to kentuck (Reply #5)

Tue Jun 12, 2012, 01:38 PM

25. don't forget Phil Gramm

any Republican can cause damage... but to really fuck up you need another Texan

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Response to oldhippydude (Reply #25)


Response to bupkus (Reply #34)

Tue Jun 12, 2012, 11:07 PM

42. Gramm and Enron.... Forgot about that duo...

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Response to oldhippydude (Reply #25)

Tue Jun 12, 2012, 08:52 PM

39. Thank You.....don't forget Wendy though

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Response to kentuck (Reply #5)

Wed Jun 13, 2012, 05:40 AM

46. Frat boy was a useful tool.

Machinations and subversion of law by him and those in Cheney's shadow government inflicted intentional damage on this nation. That entire eight years was very productively spent by the elite in providing cover for this bunch so that the fields could be burned and sown with salt.

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Response to kentuck (Reply #2)

Tue Jun 12, 2012, 12:52 PM

12. I remember telling friends back in 2000 that if Bush won

we'd be digging out from the rubble he'd leave behind for decades.

Little did I know.

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Response to deutsey (Reply #12)

Tue Jun 12, 2012, 01:29 PM

23. Unfortunately I said basically the same thing to anyone that would listen in 1998,

1999 and 2000. And I did know.

I lived in Texas from 1981 to 1996. I knew persons with prominent connections to the Texas Republican Party, some of them on first name basis with members of the Bush* family. I followed the "career" of Gee-Dubya for years, long before he stepped onto national stage, even before he stole his first public office, the Texas Governor. I closely followed the sanitation of George W.*, including his "ownership" of the Texas Rangers.

You speak the truth. The damage this piss-ant motherfucker did to this country may never be healed. At least not in our lifetimes.

Never lawfully elected. Selected by a brutally partisan SCOTUS and his father's cronies to the highest office in the land.

I STILL wear an "Impeach Bush and Cheney" bumper sticker on my car.

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Response to Raster (Reply #23)

Wed Jun 13, 2012, 05:13 AM

45. Praise the Lord and Pass the Stelazine

You hit that one on the head, especially the "sanitation" of Dubya. As late as the 1970's the Bush name was still so bad in West Texas that my hometown considered it a moral obligation to defeat Dubya in his first run for public office (the U.S. House). He and his family represented everything people out there despised: medieval royalty, fake cowboys, Ivy League carpetbaggers and Nazi sympathizers. And he lost that election to a local guy, Kent Hance. (A lot of people out there held it against Reagan for selecting Senior as his running mate in '80, and were not the least bit surprised when a Bush family friend tried to kill him.)

The state press, including Texas Monthly, openly cooperated in recreating Dubya. Molly Ivins often noted the desire of Texas reporters to "hang their star on the Bush wagon." The one paper that refused to roll over -- the late, great Dallas Times-Herald -- was shut down following a strange court case involving The Dallas Morning News, an old friend of the Bushes.

The Bushes got away with all the stuff you mentioned because they knew people couldn't or wouldn't believe their eyes. That's all history now, but here is a warning for future voters:

Beware of George P. Bush.

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Response to Gabby Hayes (Reply #45)

Fri Jun 15, 2012, 07:56 PM

62. I remember watching a Rangers game at the infamous Ballpark at Arlington and....

...the camera panning over to the "owner's box" and the announcer - on national television - waxing on about "...look at Mr. Bush, what a fine governor he would make, etc, ad naseum

The fix was in a long, long time ago. And unfortunately, the sanitization of ol' Jebbie is in full swing.

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Response to kpete (Original post)

Tue Jun 12, 2012, 11:49 AM

3. Very interesting and good links too.

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Response to kpete (Original post)

Tue Jun 12, 2012, 12:21 PM

6. How much of this damage was cheered/voted for by those who

now scream about the debt? Paul Ryan is one example of a lying hypocrite who voted for every last Bush initiative. These people are traitors, and should be dealt with as such

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Response to Doctor_J (Reply #6)


Response to Doctor_J (Reply #6)

Tue Jun 12, 2012, 01:51 PM

27. They cheered him on from start to finish.

From the lowliest trailer dwelling Teabagger to the wealthiest Koch brother. From the Ivory towers of News Corp to the sweaty confines of 3rd rate AM hate radio studios across America. And when it all blew up in their faces they decided the problem was he just wasn't conservative enough.

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Response to Ganja Ninja (Reply #27)

Tue Jun 12, 2012, 06:08 PM

32. And now Big Media hail Ryan as "serioius about the debt"

Not one fucking TV station is willing to tell the truth about that lying hot dog vendor.

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Response to Doctor_J (Reply #32)

Wed Jun 13, 2012, 10:27 AM

54. The media is all corporate owned

And fiercely loyal to all things repukelicant. Never trust your tv!

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Response to kpete (Original post)

Tue Jun 12, 2012, 12:33 PM

7. When Truman left the presidency, he left without being financially enriched by the experience.

 

How much did W and other DC insiders get out of this?

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Response to AnotherMcIntosh (Reply #7)

Tue Jun 12, 2012, 12:49 PM

11. slightly off topic, but I remember reading that when Truman left

the presidency, he drove home - drove himself and Bess - in a buick.
Times were so different.


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Response to rurallib (Reply #11)

Tue Jun 12, 2012, 01:03 PM

15. If I'm not mistaken, I think that he didn't even have a pension from his governmental service.

 

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Response to AnotherMcIntosh (Reply #15)

Tue Jun 12, 2012, 01:21 PM

20. and I believe he was still considered a failure by his

mother-in-law

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Response to rurallib (Reply #11)

Tue Jun 12, 2012, 01:04 PM

16. a real fun read btw.........

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Response to rurallib (Reply #11)

Tue Jun 12, 2012, 01:25 PM

22. actually it was a chrysler

and it is still sitting in Truman's "garage" at his home in Independence Missouri

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Response to AnotherMcIntosh (Reply #7)


Response to bupkus (Reply #24)

Tue Jun 12, 2012, 01:58 PM

28. +1 Great quote, thank you. nt

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Response to bupkus (Reply #24)

Wed Jun 13, 2012, 06:44 AM

47. Harry was indeed one of the greatest

He should be on Mt Rushmore!

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Response to kpete (Original post)

Tue Jun 12, 2012, 12:35 PM

8. Add to this the fact that...

...from 2007 to 2010, median family net worth dropped 40%, and hasn't come clsoe to recovering, and you have an economic and moral disaster of epic proportions. The bastard ought to be tarred and feathered, wrapped in a nice package and shipped to the international court of Justice in The Hague!

. . . . . . . . . . .

. . . . . . . . . . .

. . . . . . . . . . .

. . . . . . . . . . .

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Response to lastlib (Reply #8)

Tue Jun 12, 2012, 12:46 PM

10. I heard rhe same thing this morning

I listen to an am station at night for Coast to Coast. In the morning the Faux noise and loco radio jock come on and destroy my faith in mankind.
The idiot this morning tried to blame Obama for a 40% drop in wealth in the country since '07. Went on to trash the new healthcare laws and blame that too.

No one complained about the cost plus programs for Haliburton, to set fire to big rigs in Iraq if they got a flat. That waste was fine.

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Response to kpete (Original post)

Tue Jun 12, 2012, 12:53 PM

13. The damage done from Bush's legacy is a natural byproduct of the damage done from his conception.

His illegitimacy in occupying the highest office in the land made his disastrous rule and the painful aftermath a virtual inevitability.

It will be decades before we can totally remove the Bush skid marks from the nation's underwear.

Thanks for the thread, kpete.

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Response to Uncle Joe (Reply #13)

Tue Jun 12, 2012, 01:14 PM

18. you said it

just right, Uncle Joe

peace, kpete

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Response to kpete (Original post)

Tue Jun 12, 2012, 01:02 PM

14. Just W's tab? What about all the Blue-Dog Democrats and others who voted to enable

 

his policies?

In 2010, a number of Blue-Dog Democrats were not re-elected. Why should anyone think that triangulating, regardless of what it is now called, is in this country's best interest?

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Response to AnotherMcIntosh (Reply #14)

Wed Jun 13, 2012, 10:35 AM

55. Agreed

Sad that they are still babbling about the party going too far to the left. What they seem to be doing more than anything is stating that Democratic VOTERS have gone over to far to the left and that they would prefer not to have to represent those positions.

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Response to kpete (Original post)

Tue Jun 12, 2012, 01:07 PM

17. Few human beings are such utter screwups as the Dubya...the Fecal Midas. Everything he touches

turns into a big steaming pile of shit.

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Response to kpete (Original post)

Tue Jun 12, 2012, 01:50 PM

26. George W. Bush - War Criminal and idiot. nt

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Response to kpete (Original post)

Tue Jun 12, 2012, 02:38 PM

30. Meanwhile, in Right Wing World

They claim everything was fine until Obama got in and increased Welfare for "his own kind" and crashed the entire economy.

That idea is backed up by Republicans when they talk about "Obama's spending" or "Obama's programs". According to them, Obama and the Dems want everybody to be on food stamps and welfare because then they will vote for Dems to keep their freeloader lifestyle going.

It's all a plot to destroy America from within by a bunch of commies.

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Response to kpete (Original post)

Tue Jun 12, 2012, 03:16 PM

31. I'll never forget them...kick n/t

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Response to kpete (Original post)

Tue Jun 12, 2012, 06:47 PM

33. Republicans and their blue dog cousins vote

to decrease revenue and increase spending, yet they are the ones who are accepted as being "fiscally conservative?

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Response to kpete (Original post)

Tue Jun 12, 2012, 07:32 PM

36. We can run our presidential candidate against bush

for decades!

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Response to kpete (Original post)

Tue Jun 12, 2012, 08:08 PM

37. I am convinced this was their plan all along.....

 

They really don't care about reducing the deficit or this country. They only care about being sure that the masses are enslaved to their corporate masters forever. They are as evil as evil can be.

The repukkkes are evil on this earth. Nothing will ever convince me they are not of the devil's spawn.

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Response to kpete (Original post)

Tue Jun 12, 2012, 10:06 PM

40. How do you know they're lying?

I see their lips move...

In the waning days of the Bush administration, Republicans scrambled to cobble together a bailout package they said would cost $700 billion dollars. Sound familiar? Iraq was suppose to have wmds, pay for itself and only last a few months.

It wasn't until last year, after the first ever audit of the federal reserve, that the public actually learned the truth!

Republicans secretly hid the cost of the actual bailout, which carried with it a $15+ trillion dollar price tag; thus obscuring the full magnitude of the financial crisis!

--

When President Obama was elected, he was handed one of the worst financial crises and unethical web of lies and deceit that the country has ever known. With integrity and conviction of foresight, he has helped navigate the country through this most difficult period.

Yet, after having been purposefully deceitful with the public about both the magnitude of the crisis and the cost of the bailout, Republicans have repeatedly attacked President Obama for not fixing "faster" the mess they handed him.

In addition to all this, Republicans are not doing anything and they haven't been productive. In this Congress, under the Republican leadership, they haven't produced the type of investments required to run a modern economy.

The last infrastructure bill for the country, the Highway Bill, hasn't been reauthorized or refinanced since 2005. Republicans have just kicked it along, nine times now for 90-day extensions.

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Response to Peaceful Protester (Reply #40)

Wed Jun 13, 2012, 04:23 AM

44. worthy of its own thread, PP

yes INDEED

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Response to Peaceful Protester (Reply #40)

Wed Jun 13, 2012, 11:06 AM

58. Nicely done Peaceful Protester.

Thank you, and Welcome to DU!

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Response to kpete (Original post)

Tue Jun 12, 2012, 10:41 PM

41. " I call you my base"----Oct. 19, 2000

"This is an impressive crowd - the haves and the have-mores.
Some people call you the elite. I call you my base."

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Response to kpete (Original post)

Wed Jun 13, 2012, 01:25 AM

43. K&R. I am still longing for Truth & Reconciliation on the Republicans' Last Presidency--

the stolen one.

Who stole precious remnants our national honor and trillions of our hard won treasure.

Better late than never.

And actually quite apropos, if anyone, anywhere is thinking of electing one of them again. Let's look closely at what your last guy did.

And reporters should be asking Republicans about that every day.

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Response to kpete (Original post)

Wed Jun 13, 2012, 07:41 AM

48. the damage done ...





and MORE to come if ...













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Response to kpete (Original post)

Wed Jun 13, 2012, 07:53 AM

49. kpete

kpete

I have been down the samw road - with maybe other words - - but the basic is the same.. GWB was the worst that could happend US and have doing more danger to US inside and abroad, than most are willing to admit....

I just hope US could be given enough time to rebuild, and to repair the horrible damage doing to the country - but that would take decades of hard work from many presidents - and a few Congress and Senates to repair, and rebuild what is wrong with US today...

And I doubt to many americans really is willing to admit how bad things really are...

Diclotican

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Response to kpete (Original post)

Wed Jun 13, 2012, 07:56 AM

50. If the devil wanted to fool people while destroying everything

He would come as someone like Bush, the town idiot. How better to destroy everything? It would be the best disguise and it would fool everyone.

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Response to kpete (Original post)

Wed Jun 13, 2012, 09:35 AM

51. Brilliant. A CON finally has the moral courage to tell the truth,

 

and it is exactly what we Libs have been saying since day one.

Bush blew the surplus, abolished pay-go, cut taxes on the rich, doubled the national debt, and ruined the economy.

WorstPresidentEver? Oh no, my friend--he's the WorstPresidentPossible.

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Response to kpete (Original post)

Wed Jun 13, 2012, 09:44 AM

52. The full article in the NY Times was a great read. TY for this KPete.

One of the things they mentioned in the Times piece was something I had almost forgotten about... The Clinton administration's surplus of the late 90's. Suddenly, a flash of a memory from that time period came back to me. I can vividly remember listening to a morning talk show call-in program on my way to work. (A decent job that no longer exists btw) I can even remember where I was on my morning commute.

Anyway, it was a program very much like CSpan's 'The Washington Journal' where both Dems and Republicans were given equal time, and the host appeared to have no bias one way or another. The topic was about the surplus and what, if anything, it should be used for. Dems were all over the place with their answers. Some wanted it to go to the initial start-up costs of Single Payer, others wanted more Higher Education investments, ect. Pretty standard stuff for us on the left. Very few Dems were in exact agreement about specifics, but everyone pretty much agreed that it should be used for the public good.

In contrast... now this is the funny part- I remember every single one of the R callers spouting off the same meme(s) much like they do today, only I didn't recognize it as such at the time. And again they were all pissed off like they are now, the only difference was that it was about, get this- the surplus.

I kid you not. I remember this distinctly, because their logic seemed so ridiculous. They were all bitching about how the surplus funds should "be given back to them" in the form of tax cuts because, in their thinking, the surplus only existed because they had "overpaid" in the form of taxes.

Immediately it occurred to me then (and even more so now that I look back upon it) that if the Pukes think surpluses meant that they had "overpaid" what would falling back into the red mean? Wouldn't it indicate that they had "underpaid" in the form of taxes? Could they not see that there was a flip side to their self-serving tax cut argument? I mean... Wtf?

And sure enough, only a few years later, Bush Jr. proves me right about Puke logic, with his stinken 10 Trillion dollar tax cut, that immediately put us back into debt. But did that stop him? Oh nooooo. So now, here we are with President Obama doing the best he can to clean up the mess, just as Clinton had before him with Reagan and Poppy Bush's mess. Grr!!!

Sorry about the length of this story. Just wanted to share, for whatever it is worth

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Response to kpete (Original post)

Wed Jun 13, 2012, 09:48 AM

53. K&R n/t

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Response to kpete (Original post)

Wed Jun 13, 2012, 10:36 AM

56. ...The numbers don't lie!


Economist Mike Kimel notes that the five former Democratic Presidents (Clinton, Carter, Johnson, Kennedy, and Truman) all reduced public debt as a share of GDP, while the last four Republican Presidents (H. Bush, G. Bush, Reagan, and Ford) all oversaw an increase in the country's indebtedness.

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Response to kpete (Original post)

Wed Jun 13, 2012, 10:39 AM

57. Which Political Party...


had the longest economic expansion in US history

1) Clinton (Mar 1991 -- Mar 2001: 120 months)
2) Kennedy (Feb 1961 -- Dec 1969: 106 months)

the ONLY administrations to enact the pay-go law

1) Clinton (1990)
2) Obama (2010)

had consecutive surpluses in the past generation

1) Clinton (1998, 1999, & 2000)

NOTE: If a political party outperforms time and again, it is obviously doing something right. Yet, with these facts staring them square in the face, Republicans still insist on trying to distort Democrats actual record of achievement.

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Response to kpete (Original post)

Wed Jun 13, 2012, 11:38 AM

59. GW Bush is unique

 

in that he can be reasonably considered to be almost entirely responsible for the collapse of the American economy. His war on Iraq cost over 3 trillion - perhaps as much as 4 trillion once everything is counted. The responsibility, however, falls squarely on the shoulders of 50% of the American people who elected him to office. Why did 50% of the American people elect GW Bush to office? - The simple answer is that they felt they could share a beer with him. That's it. Very simple, very true, and utterly pathetic. Even more pathetic, the same 50% will try to have Narcissus Romney elected so that he, Romney, can continue shafting them. Equally simple, equally true, and, shall we say, pathetic to the second power (for math-inclined democrats out there).

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Response to Domingo Tavella (Reply #59)

Wed Jun 13, 2012, 11:40 AM

60. We should not have been surprised...

He had screwed up everything he had ever touched in his life up to that point. He just got a bigger toy to play with, the Presidency, and it simply cost more from the damage he caused.

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Response to kpete (Original post)

Wed Jun 13, 2012, 12:12 PM

61. kpete, this post deserves to be on Great Reads. Everybody should email link to article to friends,


post to FB, personal web-sites. Print out (several copies) and leave at the Coffee-pastrey table at work (discretely).

some more from article:

(empasis my own)
Republicans would have us believe that somehow we could have avoided the recession and balanced the budget since 2009 if only they had been in charge. This would be a neat trick considering that the recession began in December 2007, according to the National Bureau of Economic Research.

They would also have us believe that all of the increase in debt resulted solely from higher spending, nothing from lower revenues caused by tax cuts. And they continually imply that one of the least popular spending increases of recent years, the Troubled Asset Relief Program, was an Obama administration program, when in fact it was a Bush administration initiative proposed by the Treasury Department that was signed into law by Mr. Bush on Oct. 3, 2008.

Lastly, Republicans continue to insist that tax cuts are highly stimulative, often saying that they add nothing to the debt, when this is obviously ridiculous.

Conversely, they are adamant that tax increases must not be part of any deficit-reduction package because they never reduce deficits and instead are spent. This is also ridiculous, as the experience of the Clinton administration clearly shows. The new C.B.O. data confirm these facts.
.

recommended!!

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Response to kpete (Original post)

Fri Jun 15, 2012, 08:20 PM

63. k/r

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Response to kpete (Original post)

Wed May 1, 2013, 10:18 PM

64. President George W. Bush's enduring legacy that will impact many Presidents and US generations!

The economic legacy of George W. Bush can only be measured in trillions of dollars—in fact many trillions. And it's all waste and loss.

President George W. Bush's First Legacy: The Mountain of Debt

During Bush's two terms in office more than $3 trillion has been poured down the black hole of wars in Iraq and the Middle East. More than $5 trillion has been served up in tax cuts for corporations and the wealthiest 10 percent households in the U.S.

According to U.S. Federal Reserve Bank data, since Bush assumed office in January 2001 government debt levels have risen by more than $3 trillion—the total as of the end of March 2008. It does not yet include the cost of bank bailouts this past September: $300 billion for Fannie Mae/Freddie Mac, $85 billion for the insurance company giant AIG, and the infamous $700 billion TARP (Troubled Asset Relief Program) bailout at the close of September amounting to another minimum $1.085 trillion.

President George W. Bush's Second Legacy: System Collapse

The unwinding of the $21 trillion in net debt accumulated during the Bush administration is the root cause of the current financial crisis.

The write-downs and write-offs by banks and other financial institutions, the bankruptcies by companies and consumers, the losses of home values, the foreclosures, etc.—all represent the "unwinding" of that record level of $21 trillion new debt. The September bank bailouts represent an effort by finance capital and America's corporate elite to shift a major portion of this debt from their corporate balance sheets to the public balance sheet and taxpayer.

The bank bailouts will not stop the debt unwinding as they do not address the fundamental causes of the housing and commercial property price collapse underway since the beginning of the year and now accelerating. The only thing settled by the bailouts—TARP, Fannie Mae, AIG, and others—is who will pay for the crisis, not how to end the crisis.

President George W. Bush's Third Legacy: Epic Recession

The direct consequence of financial crisis and implosion is a general credit crunch—a system-wide sharp contraction of credit. A credit contraction has been progressively growing in the economy since last January. A credit contraction occurs when banks and financial institutions have, or expect to have, significant losses due to bad loans and investments and are increasingly reluctant to loan out reserves they may have on hand. They may need the cash on hand and reserves to cover anticipated losses and prevent becoming technically bankrupt if their losses exceed their reserves. Over the past year financial institutions have tightened their lending terms. But even the slow down in lending hit a wall and entered a new, more intense and serious stage with the financial events of September.

From housing and commercial property markets to industrial loans to municipal and corporate bonds to commercial paper and even markets in which banks loan to each other, all began to shut down in September. There is no inter-bank lending market at present in the U.S. or even globally for that matter. They have shut down. The Fed and other central banks have become, in effect, the only banks willing to lend to other banks. Even money markets are contracting. Money market funds, mutual funds, pension funds, and hedge funds are all in the process of contracting and reducing lending.

President George W. Bush's Fourth Legacy: Record Budget Deficits

With bailouts, with expected losses in tax revenues in 2009 due to the now deepening recession, and with the certain need for further fiscal stimulus by the federal government to save state and local governments from bankruptcy and provide unemployment insurance for the millions more jobless to come, the next U.S. budget deficit will easily double from its current projected level of around $500 billion. (Yes, that's another $1 trillion.) A mind-boggling trillion dollar budget deficit will all but ensure that whoever wins the November 2008 election, few if any of their campaign promises or programs will see implementation. Instead, a national economic austerity program will likely be the agenda come January 2009. Critical programs like health care reform, student loans, sustainable environment, jobs creation and protection, foreclosure mortgage relief, retirement systems reform, etc., will likely all be sidelined more or less permanently.

The massive budget deficit is the consequence thus far of three primary causes: the $3 trillion Mideast wars, the $5 trillion tax cuts for corporations and the rich, and now more recently the multi-trillion, still rising bailouts of finance capital at taxpayer expense. The fourth is the deepening recession itself, which will result in a major shortfall of tax revenues to the federal government. The fifth is the need for the federal government to spend significantly more in order to stimulate recovery from the downturn.

President George W. Bush's Fifth Legacy: Chronic Job Loss

More than three million U.S. workers have lost jobs to China alone during the two Bush terms and another million have been lost due to "free trade" with Mexico, Central America, and Canada. It took four years to return to employment levels that existed in January 2001 on the eve of Bush's first recession. A brief and weak recovery of jobs followed in 2003, followed, in turn, by another jobs decline in 2003-04. It was not until just before the 2004 elections that job levels recovered. By late 2007, after just a brief few years of jobs growth, the economy once again began to gush jobs at an alarming rate.

Officially, more than 750,000 jobs were lost through September 2008. The actual number is much higher, however, given the conservative way the U.S. government calculates unemployment. For example, the government estimated 159,000 jobs were lost, but 337,000 part-time workers were hired that month. That means tens of thousands of U.S. workers were cut back from full time and rehired as part time. The government counts part-time workers as fully employed. The true job loss since the start of 2008 is closer to 1.5 million than the estimated official 800,000 or so.

President George W. Bush's Sixth Legacy: Income Stagnation

The chronic loss of jobs due to free trade and repeated jobless recessions, the shift to lower paying service jobs, and companies transferring workers from full time permanent employment to more part time-temporary jobs explains a good deal of the stagnant or declining incomes. But not all. The decline of unions and effectiveness of collective bargaining during Bush's term has also contributed to the income stagnation, as has shifting the cost of rising health insurance, deductibles, and co-payments from employers to workers during Bush's term.

In stark contrast to the Bush legacy of stagnating and declining earnings for the 91 million majority, the Bush legacy has meant turning a blind eye to multi-million dollar, and even billion dollar, CEO pay packages—including those granted bank executives who received multi-million dollar payoffs even when their companies crash and burn. No wonder the general public were incensed this past September with Treasury Secretary Paulson's proposal for a $700 billion TARP bailout, which initially failed to provide any effective constraints on executive pay or CEO golden parachutes. This obscene, uninterrupted, and unprecedented explosion of executive pay is one of the more visible hallmarks of the Bush economic legacy.

President George W. Bush's Seventh Legacy: Chaos and Corruption

Some argue the current financial crisis is the product of financial industry deregulation. But that is only partly correct. Deregulation is only an enabler of the crisis, not a fundamental cause of it. Deregulation has allowed the banks to set up shadow institutions, as noted above, in which to hide and bury their junk securities. It has spurred the process called securitization, in which bad loans were bundled with other bad or good securities, cut up into 5 to 15 pieces, marked up in price to make a superprofit, and sold and resold around the world to other central banks, banks, funds, and private investors. Deregulation allowed banks to work with mortgage lenders to generate record quantities of bad mortgages; allowed banks to spread contagion in the name of spreading risk; and permitted excess leveraging by financial and non-financial corporation alike. But deregulation means nothing if debt is not readily available to borrow at excessively low costs. That's where the Fed's 25-year loose monetary policy and below normal market interest rates played a complimentary role. Speculation results in excessive leveraging of bad debt. But leveraging requires easy, low cost borrowing. Deregulation allows leveraging to happen. But super low interest rates by the Fed makes it possible in the first place. The two go hand in hand.

The repeal of the Depression-era Glass-Steagall Act in 1999 and its replacement with the Gramm-Leach-Bliley Act removed a major impediment, while providing a major impetus to financial speculation and excess. But Bush took the opportunity several steps further. Bush's contribution was to encourage and promote excessive financial speculation; turn over what remained of policing of the banking industry, in particular the investment banks, to the banks themselves; and send the remaining regulatory agency, the Security and Exchange Commission (SEC), to the sidelines. This policy thrust went on from the very beginning of his term in 2001 to late 2007. It is possible to cite numerous and repeated attempts by state and even federal mid-level officials who warned of the dangers of growing financial speculation, in general and with regard to subprimes in particular, from 2002 on. So it is not true that Bush administration regulators "did not see what was coming."

President George W. Bush's Eighth Legacy: Destruction of Retirement

Another Bush legacy has been the destruction of the retirement system established in the immediate post-World War II period. That system was based on the idea of a three-legged stool structure that included Social Security, employer-provided pensions, and personal savings. Bush actively undermined all three, resulting in a crisis of historic proportions for the more than 44 million retirees and the 77 million baby boomers who will join their ranks starting next year.

The crisis in Social Security is not the one described by the Bush administration a few years ago, as Bush desperately attempted to privatize the system. The crisis is the more than $2.3 trillion dollars that has been siphoned out of the Social Security Trust Fund, transferred to the U.S. general budget, and spent in order to pay for wealthy and corporate tax cuts, chronic wars under Bush, and ballooning defense budgets. Social Security payroll tax collections for two decades have actually subsidized the U.S. budget, not undermined it. Every year the Social Security program produces a surplus, at the rate of sometimes hundreds of billions of dollars. And that surplus is diverted in full and spent. Defenders of the historic theft say we owe it to ourselves and can put it all back in the trust fund whenever we need. True. But to replace it requires that the U.S. government borrow back the $2.3 trillion from banks and other private sources, paying interest on that debt, and thus adding at least $200 billion more a year for 10 years to the coming $1 trillion a year budget deficit. In accounting terms it is possible; in economic and political terms it is not. Bush has borrowed over his eight years in office more than $1.3 trillion of the $2.3 trillion Social Security Trust Fund surplus.

President George W. Bush's Ninth Legacy: Dismantling Health Care

Bush has been even more successful in privatizing, and thus dismantling, the post-war health care financing system. By allowing health care insurance premiums and other costs to double during his term, rising more than 10 percent every year, he has forced employers and workers alike to give up health care coverage altogether or to reduce that coverage in order to afford rising premiums and other costs. There are now more than 47 million Americans without any kind of health coverage whatsoever, an increase of 9 million since 2000. More than 1.3 million working Americans lost their health insurance coverage in 2006 alone. Approximately 12 percent of all children in the U.S. have no health coverage.

Despite this collapsing coverage, the U.S. spends nearly twice as much, about 17 percent, of its total GDP on health care. That compares with 9 to 10 percent for those countries with single payer health delivery systems in Europe, Canada, and elsewhere. It means the U.S. spends more than $1 trillion a year to mostly insurance companies that push forms around while delivering no health services.

For those still with health insurance, the rising cost burden has also shifted significantly from employers to their workers—by as much as 30 percent, according to some studies. Thousands of companies have been allowed to abandon their health plans altogether, most notably the big auto companies which are dumping their health care funds, underfunded by $50 billion, onto the auto workers' unions.

President George W. Bush's Tenth Legacy: Income Shift

Every year for the first five years of his terms in office Bush pushed historic tax cuts totaling more than $5 trillion. Estimations from sources like Brookings, Urban Institute, and others are that about 73 percent of the cuts benefited the wealthiest 20 percent households—30 percent, or $1.5 trillion, of that 73 percent benefited the wealthiest 1 percent households; roughly 1.1 million out of the total 114 million taxpaying households in the U.S. But these figures don't include tax cuts for corporations. Nor do they include similar massive tax shifting at the state and local levels. Where has all that tax cut money gone, one might ask? A good deal of it into hedge funds, private equity funds, and other forms of private, unregulated banking, thus stoking the fires of speculative investment in subprimes, derivatives, and other unregulated financial securities. Other amounts have no doubt contributed to the explosion of offshore tax shelters. According to the investment bank Morgan Stanley, in 2005 offshore tax shelters increased their funds from $250 billion in 1983 to more than $5 trillion by 2004. More recent estimations by the Tax Justice Network indicate tax shelters now hold more than $11 trillion. A reasonable estimate is that wealthy Americans likely account for at least 40 percent of that total—around $4-$4.5 trillion. Exactly how much is not currently knowable, since there are around 27 offshore tax shelters, according to the IRS, in mostly sovereign nations like the Cayman Islands, the Seyschells, Isle of Man, Vanuatu, and the like that have closed their tax doors and do not cooperate with IRS attempts to investigate how much wealthy U.S. taxpayers have stuffed away in their electronic vaults.

This explosion of income and wealth at the top at the expense of those at the bottom has been estimated in recent academic studies by Professors Emmanual Saez and Thomas Picketty. Based on their analysis of IRS taxes paid over the history of the federal income tax since 1917, the wealthiest 1 percent of households in the U.S. received about 8.3 percent of total income in the U.S. in 1978. By 2006, that wealthiest 1 percent was receiving 20.3 percent of total income generated in the U.S.—not including tax sheltered income or corporations' retained income or profits diverted offshore. This 20.3 percent represents a return to almost exactly what the top 1 percent received in 1928 (21.09 percent) on the eve of the last Great Depression.

These legacies are interdependent, one feeding on and exacerbating the other. It is not possible, for one example, to understand the current financial crisis and emerging global epic recession apart from the massive shift and concentration of income in the hands of the wealthiest household-speculators and corporate-speculators. That is not the sole explanation of the present systemic financial collapse or growing threat of global depression increasing now almost daily. But the financial and economic crisis underway at present cannot be fully comprehended apart from the former either. Reversing the legacies, removing the toxic effects on the future of American economy and society cannot take place without correcting the fundamental causes. That includes reversing once again, as in the 1930s and 1940s, the perverse and distorted income and wealth distribution afflicting society itself.

Ajay Jain
ajain31@gmail.com
Twitter Handle @ajain31.
Mobile: 214-207-9781

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Response to ajain31 (Reply #64)

Wed May 1, 2013, 10:26 PM

65. A Presidential library can not hide the colossal waste of national treasure that G. W. Bush made

History is here and now and it does not bode well for George W Bush the 43rd President of USA with a library or witout one!


1) GEORGE W. BUSH oversaw the suffering of millions in New Orleans in KATRINA disaster and did little in a timely fashion resulting in
the death of thousands!

2) GEORGE W. BUSH increased our deficit by fighting TWO wars on the credit card, implementing the Medicare DRUG Plan on the credit card and two BIG TAX CUTS on the credit card.

3) GEORGE W. BUSH presided over the greatest economic meltdown of the American economy since the Great Depression.

4) GEORGE W. BUSH presided over the greatest terrorist attack on the US soil since Pearl Harbor which was responsible for more than 3000 deaths.

5) GEORGE W. BUSH's IRAQ war was responsible for nearly 5000 American soldier deaths.

6) GEORGE W. BUSH had Osama Bin Laden in his sights in Tora Bora in Afghanistan but he let him escape by not providing enough troops to capture Osama Bin Laden.

7) GEORGE W. BUSH shifted focus from a legitimate war in Afganistan to an unnecessary war in IRAQ.

8) GEORGE W. BUSH's Administration has been conclusively linked by a 576-page report from a task force of the bipartisan Constitution Project to have used torture.

9) GEORGE W. BUSH turned a surplus nation into a debtor nation by advocating for so much deficit budgeting.

10) GEORGE W. BUSH's Administration had a GDP growth adjusted for inflation at 2.2% with a ranking of 9th in 13 recent Presidents.

11) GEORGE W. BUSH's Administration had a 0.3% increase in jobs with a ranking of 11th in 11 recent Presidents.

12) GEORGE W. BUSH's Administration had a inflation-adjusted changes in worker per capita income of 1.3% with a ranking of 8th in 11 recent Presidents.

13) GEORGE W. BUSH's Administration had a increase in national debt of 88% during his Presidency with a ranking of 3rd in 12 recent Presidents.

14) GEORGE W. BUSH's Administration had a Dow Jones Average’s annual change of -2.0% with a ranking of 11th in 13 recent Presidents.

15) GEORGE W. BUSH's Administration had a final job approval rating of 27% with a ranking of 11th in 12 recent Presidents just above Nixon.

16) GEORGE W. BUSH's Administration had a lowest job approval rating of 19% with a ranking of FIRST in 12 recent Presidents i.e. the LOWEST among all 12 recent Presidents.


Ajay Jain
ajain31@gmail.com
Twitter Handle @ajain31.
Mobile: 214-207-9781

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