printNational Journal has had an aha Moment: “The 10 years since the terrorism attacks of 9/11 rank among America’s most troubled,” concludes the Journal’s Ronald Brownstein:
[George W. Bush’s] “mismanaged wars in Afghanistan and Iraq sapped U.S. strength and imposed costs vastly exceeding their benefits. Overstretched and in the red, America ends the decade weaker on many international dimensions than when it began… At home,… the median income is now lower than in 2001 and the number of Americans in poverty nearly one-third higher. Most incredibly, fewer Americans are working today than in September 2001—a decadelong record of decline matched since 1900 only during the 1930s. Faith in all public and private leadership is flickering.”
No doubt, it began with Bush, who was bad to the bone.
From the linked article: and what historian Robert Dallek describes as “probably the closest thing we’ve had to a depression since the 1930s.”
He was too kind. Myself, I tend to agree with Vox Day, it’s the second Great Depression.
I agree with GW Bush being the top of the stinking heap; however, the wars were only a part of the problem, Congress gave him permission to enact his wars, then went on to the funding for bailouts, raising debt ceilings, and I can’t count all the jobs, similar to the story of the fretboard incident previously listed that the Congress sent out of the country. Congress has been using the wars(s) as a red herring while encouraging illegal immigration, destroying US business and the economy. Until we get a responsible Congress, we will never have a responsible president.
The irony is that the Republican bête-noire, William “I did not have sex with that woman Miss Lewinsky” Clinton raised taxes (which Republican predicted would sink the economy) and was restrained (compared to Dubya) on domestic spending and warmongering – we had job creation and a nearly-balanced budget. Yes, the Social Security “trust fund” was used to balance the budget but we did not have to borrow much at the end of his term. Clinton gave us welfare reform while Bush gave us the Prescription Drug Plan.
Economically, “tax and don’t spend” beats the hell out of “borrow and spend”. The deficit has shot from $ 5 Trillion to nearly $ 20 Trillion (if one includes the bad Fannie/Freddie assumed federal debts) in one decade and all that borrowing did not even produce jobs or make sound investments! The market indices and mutual funds have often been stagnant or declining in the past decade while we indebted ourselves into oblivion.
As for Obama alias Afro-Dubya, he is just Bailout Warmonger Dubya on steroids.
The Supreme Court had a phrase for the Bush Presidency: “UTTERLY WITHOUT REDEEMING SOCIAL VALUE” (from an obscenity case which later became a movie title!):
http://www.imdb.com/title/tt0247010/
And to think that I voted for the cretin the first time. Sheesh. Hard headed would be apropos. I will not vote for the republican nominee or the democrat nominee this election, unless of course Dr. Ron Paul is nominated. Then I will vote. Otherwise, I will sit this one out.
“Myself, I tend to agree with Vox Day, it’s the second Great Depression.”
Its bad, but Vox Day is wrong. The U.S. is in the same post-bubble stagnation that Japan experienced during the 1990’s. Japan’s economy averaged about 0.5% annual growth during this period with four officially defined recessions. The Japanese also used the same kind of Keynesian fiscal “stimulus” that the Obama administration has tried to get us out of the recession, with the same null results.
If you want to understand the U.S. today, think Japan in 1990’s. We will have a 10 year period of stagnation (little to no growth) but no depression.
BTW, there is no official definition of a depression but the unofficial one is a 10 percent DECLINE in GDP over a 2 year period.
Abelard Lindsey- I tend to agree with your analysis over Day’s; however, Japan did not nor does have the high borrowing from other countries that we do. Their bailouts have been internal and not as injurious to the country, whereas ours have been scattered to the wind and weaken our economy more than if the money remained inside the US. They have not over regulated their production assets and chased companies and work overseas. Day also mentioned that US companies are making money overseas; but, not bringing it home because our government wants between one third and half of it in taxes. So, although it isn’t a depression like FDR’s boondoggle, it’s very similar in effect. I only wish ours will only last seven more years.