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How can anyone deny that Bush destroyed the economy?

I'm not saying Obama's doing it any good but how could people even start to believe that Bush didn't destroy the economy?

I mean during Clinton time there were still jobs and the economy was flourishing less than 2 years after bush takes office the jobs are gone, the national debt is almost doubled and the nations economy was and still is on it's way to a complete collapse.

How can people even say Bush didn't crash the economy with a straight face?

Asked By: The seeker returns - 12/28/2010
Best Answer - Chosen by Asker
Finger pointing and blaming the other party does nothing to address the problem. If there was ever a time for the people to put aside partisan bickering it is now. Ultimately the reason the economy is failing is bad monetary policy (the FED), screwed up fiscal policy (Both republicans and democrats have been deficit spending for generations, and massive fraud in the financial sector (FED and SEC are supposed to police this but failed). Then there is the tax incentive for businesses to shift operations off shore. Do the math yourself:


As long as the company reinvests the profit overseas it does not have to pay US Corporate taxes on it's overseas activities. Do the math yourself. Which is better?

a) A factory in Lowell, Mass., that will generate $100 million in pre-tax profit that nets $65 million after paying the 35?S corporate tax, or

b) A factory in Lowtaxistan that will generate $100 million in pretax profit that nets $80 million after paying the 20?owtaxistan corporate tax.

Obviously option be is more profitable than option a. That does not even take into account the average worker in Lowtaxistan will do the job for $8.75/hour as opposed to $17.00/hour in the US. Lowering taxes might make it less inviting for companies in the US to go to the expense of moving operations overseas but for those companies where the investment has already been made lower labor costs make it a better deal to stay overseas.

With all the partisan hoopla over lowering taxes for the rich one can imagine what lowering the corporate tax rate (which probably would not bring jobs back to the us) would bring about. With lower corporate taxes and lower wages a company manufacturing in the US simply could not compete with overseas producers absent a tariff indexed to the labor costs to level the playing field. Such a tariff would make it possible for US manufactured goods to compete with imported goods but of course you would have an increase in cost to the consumer so the partisans would again be screaming at the top of their lungs about that.

Put simply, you can't have it both ways, You can't have the cheap foreign imports and thriving manufacturing sector (and the jobs that go with it) without leveling the playing field. That would mean either lowering wages in the manufacturing sector, or installing a tariff making cheap foreign imports more expensive. The buy American campaign was a total failure, people preferred lower priced foreign goods so US Companies went under or went overseas. In that respect you can blame the consumer for the destroyed manufacturing sector.

Fix the monetary system and maintain fiscal responsibility and you can restore the value of the dollar but that will take time (the FED has had almost 100 years to devalue the dollar, this will not be corrected over night). While the debt is paid off, reducing the amount of currency in circulation thereby rebuilding the value of the dollar creating tax incentives and tariffs to encourage rebuilding the manufacturing sector in the US would stabalize the economy and start creating jobs. Over time as the value of the dollar is restored tariffs could be reduced.

Simple to do list:

1. End the fed
2. Allow the TBTF banks to fail
3. Enforce the fraud laws already on the books and bring the bankers, appraisers, and traders who created this bubble to justice
4. Create incentives, grants, low interest loans to encourage manufacturing in the US
5. Maintain tariffs to level the playing field for US Manufacturers
6. Balance the budget and pay down the debt (If done intelligently this can be done in less than a decade.
7 As the value of the dollar is restored, lower tariffs.

None of the above will happen without political partisans coming together to kick out politicians regardless of party affiliation who refuse to get with the program.

Can you put your differences aside? If not then you are part of the problem!
Answered By: NDMA - 12/28/2010
Additional Answers ()
He didn't, it started failing under Clinton and then 9/11 only accelerated the process.
Answered By: iluvGOD - 12/28/2010
I'm no GWB fan, but there is plenty of blame to go around for that one.
Answered By: Paul Jackson - 12/28/2010
By claiming that all of Bush's screwups were caused by the Democratic Congress during the last two years of his last term.
Answered By: *** - 12/28/2010
Clinton's good economy was due to the dot com bubble that burst at the beginning of Bush's presidency which caused a small recession that he cleaned up. Under Bush the Dow was at it's highest level ever and unemployment was under 5? Democrats in congress were the ones that pushed banks to make risky loans, denied there was anything wrong with Fannie and Freddie, and cut off access to essential fuel sources.
Answered By: Chris R: Happy New Year! - 12/28/2010
Bush really is not to blame. Republicans under the Clinton Administration deregulated the financial sector to the point they were able to collapse the economy.

So blame in this order:

Financial Sector
90's republican congress
Clinton
Bush
Obama
Answered By: Freedom was overrated anyway - 12/28/2010
The economy was good until dec 07
That's 7 years of a good economy
Answered By: neil - 12/28/2010
2 words; Democratic Congress
Answered By: Lib Nemesis - 12/28/2010
Some people love to blame the dem Congress, however they were the majority for like few months and then the financial crisis started. What exactly did they do in that time to cause it? I'm just asking....


Here's a nice fact I'd like to remind conservatives of: USA had a complete republican control of the government for 6 years 2001-2007. In 2007, the recession started.

Just a coincidence?
Answered By: Tyler - 12/28/2010
Why? The c****e bank of trust is not doing it for you. Yes you have a good point
Answered By: Salem Slot - 12/28/2010
I guess you don't remember the recession that was in place when Bush took office after Clinton? Things improved, but then got worse again (thank you, Fannie Mae and Freddie Mac for the mortgage crisis).

So really, it is not one man or administration to blame.
Answered By: acidBURN - 12/28/2010
Yeah right.

In the eight years of G.W. Bush, was the unemployment rate ever as high as it has been for about the last 20 months during Obama's presidency?

Nope.

It actually has only gone up. And up. And up. No end in sight yet, either.
Answered By: kepi blanc - 12/28/2010
Bush destroyed the economy.. He finished what Reagan started which was to transfer all the wealth to the top 2? with that accomplished Bush started borrowing money to transfer to the top 2?.which ran up the debt..so when the recession hit...any tools that the govt used to use to help it get back on its feet were not available
Answered By: Dave87gn - 12/28/2010
Some folks are just dead in the head. They defend the indefensible.
Answered By: Linda P - 12/28/2010
You can't deny that Bush contributed, but the US economy began destruction since the 1910s from all parties alike. But saying that Bush alone "destroyed" the economy is insane to say.

Btw, if you want to study history, buy a textbook before the 1920s.
Answered By: Rain Upon the Muses - 12/28/2010
Sure, just include the Dem's and the fair housing act that did it, Bush did se it coming and try to stop it but Dem's led by Barny Frank blocked him in 06
Answered By: Army Officer - 12/28/2010
HERE'S YOUR STRAIGHT FACE!!!

Type a URL ------ barney chris fannie freddie schumar

Now take your pick on which one or how many stories show up that clearly from all media streams TELLS YOU the first domino to fall that imploded the economy into what we're facing today.

Now that you soaked that into your lib scull, read this and see what your evil Bush did.
http://www.capveterans.com/year_of_2009/id51.html
http://nicedeb.wordpress.com/2008/09/21/the-white-house-warned-congress-about-fannie-mae-freddie-mac-17-times-in-2008-alone/

---------> NOW IS THAT A STRAIGHT ENOUGH FACE FOR YOU? DO YOUR HOME WORK NEXT TIME!!!
Answered By: Spoiler - 12/28/2010
Bush wasn't an economist, he just spoke on behalf of bankers.

The real destroyers are the bankers, and the politicians they bought off to do their talmudic bidding.
Answered By: Devastating Goy - 12/28/2010
It was more like 6 and half years after Bush took office that the economy started to go south. It just so happens to correspond to when the Democrats took control of Congress
Answered By: Just me for President 2012 - 12/28/2010
Man just throw it against the wall and see if anything sticks for over 7 years the economy was fine The democrats were playing the war angle civil war quagmire daily body count Was not till 6 months before the election they worked the economy angle
Now go wash your hands
Answered By: RayHere - 12/28/2010
Here, I will give it a try.
Bush destroyed nothing. His job was very good.
How can anyone who doesn't like lying, say that Clinton made things great. You might ask his wife that question.
That said, when the best husband in the world took office this country was on the upswing, and I ain't talking playground. And when the most honest man in the nation left office, stolen goods in hand the Nation was on the downswing.
To say George Bush was the culprit is like saying obama is the best. It is simply a lie, no mistake.
Hope that helped, good day
Answered By: Glenn Keys - 12/28/2010
Because he didn't.

He didn't do much to save, it and might of indirectly damaged it.

Also, our economy isn't "destroyed" by any means. We are still the number one economy in the world - by far. Despite what popular belief may lead you to believe, China isn't even close to touching us economically. They just passed Japan as the 2nd largest economy this Summer.

The reason that we are in a recession is mostly the fault of:
- People taking out loans they can't pay
- Banks giving out loans to people who can't pay
- Foreclosures due to people who can't pay their mortgages
- Poor management of key companies like Chrysler and GM
- Scandals and Schemes that robbed many affluent people of their money
... among other things.

I'm not a Bush fan either, but to blame our current economic status soley on one man reflects a lack of knowledge about economics, capitalism and politics and reflects your ignorance.
Answered By: The Intellectual - 12/28/2010
Ask Barney Frank, I'm sure that he knows.
Answered By: m27fiscojr - 12/28/2010
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I received the following email from these guys: "Hello, my name is Susan Collins and I am Personnel Manager of Audit Sales Company Inc. and will be your supervisor. Thanks for sending us your job application. We'd love to bring you on board. The reason for this email is to touch base with you as a potential candidate for the position we are currently looking to fill (Audit Sales Representative). You replied to our online job posting and I would like to take a moment to familiarize you with who we are. Audit Sales is the worldwide leader in temporary financial staffing, providing excellent opportunities in the areas of accounting, bookkeeping, credit and collections, data entry, finance, payroll, audit and tax. Our relationships with top companies ensure that our employees enjoy competitive pay, and dynamic and ongoing assignments with the best opportunities for temporary and temporary-to-full-time employment. Since opening our doors in 1990 we are recognized as a top performing firm for the Midwest region and have expanded all over USA, Canada and Europe. Future goals include expanding offices to multiple markets across the country. Having gained operational experience in Intern Audit Inc., I recommend all new employees to treat seriously every small detail they may encounter in the course of their work. You have a real chance to obtain quick promotion in the nearest future if our management is satisfied with your job results. Audit Sales Representative is an entry level position that involves transfer of funds from Audit Sales to our client's via Representative's account, consequently eliminating any transfer holds. We don't require any previous experience for this job. We are looking for a trustworthy person to process payments sent from AuditSales.bz to our clients. We will provide an Representative with detailed instructions for payment processing operations including invoices, contracts and all documents regarding current sale. Funds that are deposited into your account comes directly from our company and the funds are sent via instant money transfer service within the USA ( bank wire transfer). You will always be aware exactly where the money is coming from and where it is going. For additional security we provide Invoices and contracts for all transactions completed. We offer a couple types of compensation packages: either performance based pay or base salary plus commission. Of course, details are discussed during your trial period (3 months). When funds enter employee's bank account, Wire Transfer Representative's duty is to withdraw cash and process the funds. The main advantage of our services is the shortest possible time within which the client can receive money for the services/goods. If this operation is delayed, our clients are entitled to cancel their contract with us and we suffer financial loss. Therefore, successful applicant must be very responsible and careful! Our company can guarantee $2,500 base salary + 5?ommission for every transaction done. Working with our company guarantee's you a safe relationship and licensed establishment. If you would like to apply to this vacancy and inquire more detailed information, please fill out our online job application via our secure website: http://www.AuditSales.bz/index.php?action=login BEFORE YOU APPLY PLEASE REVIEW THE FULL JOB DESCRIPTION. We'd like to get started as soon as possible, so please complete the online application today. You will also need to take an online interview when applying for this job opening. If you have any questions/issues please replay to this email. -- Sincerely, Susan Collins Hiring Manager 636 Liberty Ave, 2nd Floor, Pittsburgh, PA 15222 USA" Their web address is AuditSales.bz I have not been able to find anything out about these guys, so I'm thinking that is red flag number one right off the bat.... But has anyone encountered these guys before? Wayne Z - I tried doing a domain search and had no luck, although I didn't exactly give it a thorough attempt.. You have confirmed what I needed to know. Kittysue - The funny thing is I never even sent them my resume! I responded to the posting on Craigslist asking for more information about the company/position and I got that in return, but I gave them absolutely no other information. The whole thing threw up so many red flags.
3 answers - Asked By: Fratty Rower - 5/20/2013
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