A Remarkably Bad Economic Record

We all know that George W. Bush's economic track record has been bad, but just how bad was it. The depth and long term effects of the Bush recession are not yet known, but some of the preliminary numbers compiled by Pew look horrendous.

  • While both GDP and per capita GDP rose during the eight years of the Bush administration, by 19.4 percent and 11.0 percent respectively, median household incomes are actually down -- a discouraging signal that indeed not only are the rich getting richer, it is the rich who have benefitted to a much greater extent that other Americans.
  • The national debt has nearly doubled from $5.7 trillion to $10 trillion -- and that doesn't even include the amounts that the Obama administration will have to spend to try to dig the country out from the Bush recession, as well as the costs of the ongoing war in Iraq. Note, too, that George W. Bush inherited an unprecedentedly large budgetary surplus, so this blowup in debt was by no means a foregone conclusion.
  • Unemployment is up significantly, from 3.9 percent in 2000 to 6.7 percent today. Even worse, when discouraged jobseekers and the under employed are included, that rate has gone from 6.9 percent to 12.5 percent -- fully one in eight American workers.

Of course these numbers shouldn't come as a surprise to those who have watched American politics in recent years, and certainly not to those who have borne the brunt of Bush's failed economic policies. That said, it's important for these numbers to be firmly established in the record so that Republicans are not allowed to shift blame for the woes their backward ideology foisted upon the country to the current leadership in Washington.

Tags: Economy, George W. Bush, Recession (all tags)

Comments

4 Comments

Correction needed?

The national debt has nearly doubled from $5.7 billion to $10 billion

I guess this must be out by about three zeroes.

by brit 2009-01-06 10:50AM | 0 recs
Re: Correction needed?

Thanks. It's late at night here and I'm beginning to run on fumes.

by Jonathan Singer 2009-01-06 10:57AM | 0 recs
Been there

Please feel free to delete my comment

by brit 2009-01-06 11:14AM | 0 recs
Re: A Remarkably Bad Economic Record

The only reason that GDP has expanded near 20% is because of the borrowing. When all is said and done, we have witnessed a transfer of wealth to the richest one-tenth of one percent of Americans. Those are the winners from the Bush years.

by Charles Lemos 2009-01-06 03:05PM | 0 recs

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