Saturday, June 16, 2012

5 Reasons Americans Should Blame Bush for the Bad Economy

From: Dave N.
Sent: June 16, 2012
To: undisclosed recipients
Subject: Fw: 5 Reasons Americans Should Blame Bush for the Bad Economy
5 Reasons Americans Should Blame Bush for the Bad Economy
I'm sick and tired of people blaming President Obama for the problems we are having in America. We all know that it started with Bush. He had no clue to what he was doing and pushed all common sense to the side to rage his wars and make himself look like a hero. Let's get behind Obama and fix our economy before we end up being ruled by China. Dave
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Sixty-eight percent of Americans — including 49 percent of Republicans — say President George W. Bush is responsible for the state of today’s economy, a new Gallup poll finds.
Indeed, the country is still reeling from Bush’s disastrous economic stewardship. His irresponsible tax cuts and deregulatory policies have contributed significantly to the slow recovery and are partly responsible for the nation’s economic plight. Here are 5 reasons why:

1. Deregulated Wall Street: It was a great time to be a Wall Street executive during the Bush administration. Sweeping financial deregulation helped build the housing bubble and allowed financial institutions to pursue risky trades unchecked. In fact, Bush eliminated the rules that allowed Wall Street to cause the financial crash that plunged the nation into the Great Recession.

2. Cut Taxes For The Wealthy: The Bush tax cuts — over 50 percent of which benefited the richest 5 percent of American taxpayers — cost about $2.5 trillion over the decade after they were enacted. Ten years later, Bush’s tax cuts are still the main driving factor of the national debt:

Cut Taxes For The Wealthy: The Bush tax cuts

3. Ran Up A Tab On Two Wars: The wars in Iraq and Afghanistan have cost the country trillions of dollars. Combined with Bush’s tax cuts, war spending was a main factor in blowing up the deficit and spending thesurplus accumulated under Clinton. Lawmakers now use the deficit as an excuse for inaction.

4. Left Homeowners In A Lurch: While Bush was happy to help out the banks in the wake of the housing crisis, he did little to assist struggling homeowners. Hope For Homeowners, Bush’s proposal to assist those struggling with their mortgages, was a colossal failure; in its first six months, it helped just one homeowner renegotiate his mortgage. Many mortgage holders — 15.7 million or, one in three — are still underwater today.

5. Weakened Workers: Bush weakened worker safety regulations and collective bargaining rights under the Occupational Safety and Health Administration (OSHA) and the Department of Labor throughout his time in office. Today, corporations are back to making record profits, while workers’ incomes are falling.


By Annie-Rose Strasser and Tara Culp-Ressler | Sourced from Think Progress 


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