The Bush tax cuts were certainly more effective than Obama’s spending but they were not done in isolation. There was a huge increase in government spending along with the Bush tax cuts and a number of changes to the law that prompted the temporary housing bubble :
1) a change to short capital gains taxes with respect to houses,(flipping)
2) Eliminating a down payment requirement as part of a poor minority home loan program(bad loans high interest rates=temporary profits)
3) Federal reserve artificially low interest rates to banks
The housing bubble in itself temporary increase in employment and tax revenues. That was due to a temporary massive credit expansion of money supply,
It is sad but the supply side argument is lost with most people once you use the name ‘Bush’. A huge success under Bush would have meant no Obama as president.
Bush blew it. He spent like a drunkin sailor
Fair enough that Bush did some things wrong. However, let us stick to the more important matter at hand... the systematic destruction of all that was what made the country great.
I do not believe you can attribute the incentives in the poor an minority home s program to Bush alone. Wasn’t this die cast by Clinton and just executed by Fannie and Freddie et al? I though it insane when it began and think it just as insane now. When I saw people making far far less than others whom I considered well off buying obscene houses I knew the jig was up. They didn’t even have the ability to maintain the houses, heat and cool them let alone afford them.
The Achilles heel of capitalism is greed. Banks and all were driven by greed for the short term gain and sank their share holders for the long term.
Yes, Bush and the ‘pubbies blew it but not nearly as bad as this gang is intentionally destroying all that they can.