George W Bush on economics
With all the gloom coming out of Wall Street, the Democrats on the campaign trail, and the mainstream media, a remarkable thing just happened: Real gross domestic product, the best summary report of the American economy, came in at a breathtaking 3.9 percent annual rate for the third quarter. In fact, following the 3.8 percent growth rate for the second quarter, the U.S. economy has posted its strongest quarterly growth in four years. The economy actually appears to be speeding up, following the relatively sluggish performance of the prior 18 months. Considering the circumstances under which the U.S. economy has labored for the past few years, President Bush's record is all the more impressive. When George W. Bush moved into the White House, the economy was on the verge of recession. The largest stock market bubble in U.S. history had recently burst, exports were declining, manufacturing employment had been falling for half a year, and people were finding it harder and harder to find work. And that was before 9/11, the war on terror, and the revelations of the corporate-governance scandals that grew out of the late 1990s.
Let's look to some more facts.
1- the Bush tax cuts of 2003 continue to encourage investment and entrepreneurship, expanding national income and higher tax collections have brought the big bad budget deficit down to $160 billion, or roughly 1 percent of GDP. Using something called the primary deficit — which extracts net interest on the debt and can be used to measure fiscal stimulus on the economy — we actually have a 70 billion surplus.
2-When Bush took office, the United Estates was in a dip rescession and the country lost 4 milliones jobs between 1999 and 2000 and then came the 911 attacks. Since 2003The economy added over 10 millions new jobs.
3-We Got a 4.7% GDP growth in 2004, the largest GDP growth in 35 years, since then the Bush economy deliver a 3.9% growth year after year, that's much better than the Clintons Years wich deliver a 2,9% GDP growth.
4-At 4,7 percent, the national unemployment rate is now lower than the average unemployment rate of the 1970s, 1980s, and the 1990s.
5-Interest rate is at 4,25% during Clinton years was at 7%.
6-U.S. household net worth just scored a new record high of $58.6 trillion, with financial asset gains outpacing the drop in real estate values.
7-household wealth has increased 43 percent in just the past five years, despite $100 oil, $3 gas, and the sub-prime infection.
8-Worker wages are rising 3.8 percent over the past year, a full percentage point ahead of inflation. In fact, growth in total compensation for the entire workforce is rising at a 3.3 percent pace after inflation. University of Michigan Professor Mark Perry, writing in his Carpe Diem blog, says this is the best performance in seven years.
9-The Poverty rate is about 12,5% down from 19% in 1979.
10-Since the Bush administration began, non-farm productivity has increased at a 4.1 percent annual rate — the fastest pace for the start of any presidency since Harry S. Truman occupied the White House.
11-The U.S. remains the world's largest exporter. In fact, during the first three years of the Bush administration, the U.S. exported more in real terms than it did during the Eisenhower, Kennedy, Johnson, Nixon, and Ford administrations combined. In fact we are exporting over 3,6 Trillions dollar anually vs the 2,1 Trillion dollars during Clintons years.
12-For the six consecutive year, the U.S. economy is poised to grow faster than most other industrialized economies. France, Germany, and Japan, for instance, are not expected to grow even half as fast as the United States.
13-More single-family homes were sold in 2003 than in any other year on record. And the homeownership rate is at a record-high of 68.5 percent
14- Inflation Rate -
GWBush's 1st three years:
Jan 2001: 3.73% (before GWBush)
Jan 2004: 1.93% (after 3 years of GWBush)
Difference: 1.8% Decrease
Bill Clinton's 1st three years:
Jan 1993: 3.26% (before Clinton)
Jan 1996: 2.73% (after 3 years of Clinton)
Difference: 0.53% Decrease
15-The Dow Jones went up to 14,000 points from 9,200 points in october 2001. that's a 4,800 points gain.
16- Real private-sector GDP has expanded at a 5.3 percent annual rate since the Bush tax cuts were passed while in the prior six quarters private-sector GDP averaged only 2.5 percent.
17- And so even though GWBush "wrecked" the economy, caused a long and deep recession and threw 4 gabzillion people out of work - in just two years GWBush was still able to keep the poverty rate LOWER than what Clinton had done in almost EIGHT years?
* And all of this IN SPITE OF 9-11, which annhialated one of America's most important financial centers.
* AND in spite of waging two major overseas wars to overthrow two terrorist regimes.
* AND in spite of completely revamping and reconstructing our national security and intelligence agencies to defend against constant domestic terrorist threats.
* And yet we STILL have (as the numbers show) a far BETTER economy after three years of GWBush than when he first took office.
* And, as shown above, GWBush has had a GREATER positive impact on the economy than what Clinton was able to accomplish in his first three years.
18-There's 2 million new millionaires in the US since 2004.
19- The number of American workers is at an all-time high of 138.5 million, a level never before attained in U.S.
history.
20- In 1980-81, core inflation was 10 percent. Today it is 2.6 percent (using the personal spending deflator). Lower tax rates, deregulation, trade liberalization, capital investment, and the technology-induced productivity surge are all counter-inflationary measures. That is, each new unit of money creation by the Federal Reserve is less inflationary in today’s free-market capitalist environment.
While President Bush's economic record is arguably better than the record Bill Clinton ran on, this truth is frequently obscured by unrelenting partisan criticism based more on fancy than fact. But the fact remains that the United States boasts the world's largest and most vibrant economy. It will stay that way so long as we are guided by a trust in what President Bush calls "the power and possibilities of freedom."
Let's look to some more facts.
1- the Bush tax cuts of 2003 continue to encourage investment and entrepreneurship, expanding national income and higher tax collections have brought the big bad budget deficit down to $160 billion, or roughly 1 percent of GDP. Using something called the primary deficit — which extracts net interest on the debt and can be used to measure fiscal stimulus on the economy — we actually have a 70 billion surplus.
2-When Bush took office, the United Estates was in a dip rescession and the country lost 4 milliones jobs between 1999 and 2000 and then came the 911 attacks. Since 2003The economy added over 10 millions new jobs.
3-We Got a 4.7% GDP growth in 2004, the largest GDP growth in 35 years, since then the Bush economy deliver a 3.9% growth year after year, that's much better than the Clintons Years wich deliver a 2,9% GDP growth.
4-At 4,7 percent, the national unemployment rate is now lower than the average unemployment rate of the 1970s, 1980s, and the 1990s.
5-Interest rate is at 4,25% during Clinton years was at 7%.
6-U.S. household net worth just scored a new record high of $58.6 trillion, with financial asset gains outpacing the drop in real estate values.
7-household wealth has increased 43 percent in just the past five years, despite $100 oil, $3 gas, and the sub-prime infection.
8-Worker wages are rising 3.8 percent over the past year, a full percentage point ahead of inflation. In fact, growth in total compensation for the entire workforce is rising at a 3.3 percent pace after inflation. University of Michigan Professor Mark Perry, writing in his Carpe Diem blog, says this is the best performance in seven years.
9-The Poverty rate is about 12,5% down from 19% in 1979.
10-Since the Bush administration began, non-farm productivity has increased at a 4.1 percent annual rate — the fastest pace for the start of any presidency since Harry S. Truman occupied the White House.
11-The U.S. remains the world's largest exporter. In fact, during the first three years of the Bush administration, the U.S. exported more in real terms than it did during the Eisenhower, Kennedy, Johnson, Nixon, and Ford administrations combined. In fact we are exporting over 3,6 Trillions dollar anually vs the 2,1 Trillion dollars during Clintons years.
12-For the six consecutive year, the U.S. economy is poised to grow faster than most other industrialized economies. France, Germany, and Japan, for instance, are not expected to grow even half as fast as the United States.
13-More single-family homes were sold in 2003 than in any other year on record. And the homeownership rate is at a record-high of 68.5 percent
14- Inflation Rate -
GWBush's 1st three years:
Jan 2001: 3.73% (before GWBush)
Jan 2004: 1.93% (after 3 years of GWBush)
Difference: 1.8% Decrease
Bill Clinton's 1st three years:
Jan 1993: 3.26% (before Clinton)
Jan 1996: 2.73% (after 3 years of Clinton)
Difference: 0.53% Decrease
15-The Dow Jones went up to 14,000 points from 9,200 points in october 2001. that's a 4,800 points gain.
16- Real private-sector GDP has expanded at a 5.3 percent annual rate since the Bush tax cuts were passed while in the prior six quarters private-sector GDP averaged only 2.5 percent.
17- And so even though GWBush "wrecked" the economy, caused a long and deep recession and threw 4 gabzillion people out of work - in just two years GWBush was still able to keep the poverty rate LOWER than what Clinton had done in almost EIGHT years?
* And all of this IN SPITE OF 9-11, which annhialated one of America's most important financial centers.
* AND in spite of waging two major overseas wars to overthrow two terrorist regimes.
* AND in spite of completely revamping and reconstructing our national security and intelligence agencies to defend against constant domestic terrorist threats.
* And yet we STILL have (as the numbers show) a far BETTER economy after three years of GWBush than when he first took office.
* And, as shown above, GWBush has had a GREATER positive impact on the economy than what Clinton was able to accomplish in his first three years.
18-There's 2 million new millionaires in the US since 2004.
19- The number of American workers is at an all-time high of 138.5 million, a level never before attained in U.S.
history.
20- In 1980-81, core inflation was 10 percent. Today it is 2.6 percent (using the personal spending deflator). Lower tax rates, deregulation, trade liberalization, capital investment, and the technology-induced productivity surge are all counter-inflationary measures. That is, each new unit of money creation by the Federal Reserve is less inflationary in today’s free-market capitalist environment.
While President Bush's economic record is arguably better than the record Bill Clinton ran on, this truth is frequently obscured by unrelenting partisan criticism based more on fancy than fact. But the fact remains that the United States boasts the world's largest and most vibrant economy. It will stay that way so long as we are guided by a trust in what President Bush calls "the power and possibilities of freedom."
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