Replies

#1. There was NOT A RECESSION under Bush One. Clinton's own advisors quietly revised the numbers upward after the election. Even without the revision, there were no two consecutive quarters of negative growth, the classical definition of a recession!!! In fact, there was not even a single quarter of negative growth.

#2. Bush One was NOT the worst economy in 20 years, that honor was all Jimmy Carter's, and was conveniently forgotton by candidate Bill Clinton.

#3. THERE IS NO RECESSION NOW!!!!!!!!!!!!!!! Again, by the classical, accepted definition of a recession, we are NOT in a recession. There have been no quarters of negative growth under Bush Two.

The democrats love to call this a recession, by repeating this lie, they are hoping it will be accepted as truth!

See my article below:

Setting the Record Straight on the Bush Economies

Recent editorials in the Express News have assailed the economic records of both Bush administrations. The mantras “Bush Tax Cuts for the Rich” along with its predecessor “It’s the Economy, Stupid” and have something in common: They don’t survive scrutiny against objective data. Those who repeat these mantras seem to hope that repetition will somehow make these distortions become true. Facts prove otherwise.

When Bill Clinton used the phrase “It’s the Economy, Stupid”, he certainly had his target audience clearly identified. When the smooth-talking Democrat from Arkansas declared the Bush economy was “the worst economy in 20 years” he was basing it on preliminary economic data from the Bush administration itself, which showed a minor downturn, not a major downward trend, in the economy. Candidate Clinton also conveniently forgot to mention the Carter administration, which truly was the worst economy in 20 years. Once elected, Clinton’s own economic team quietly revised the Bush economic data upward to reflect that the economy never actually stopped growing during this “worst economy in 20 years”. The historic record of United States Gross National Product Data (Source: Department of Commerce, Bureau of Economic Activity) tells the true story--sustained and healthy growth during the first Bush presidency.

The current mantra of “Bush tax cuts for the rich” similarly cannot withstand illumination by the facts. An examination of taxation rates shows that the Clinton administration was the real friend the rich, which is reinforced by the fact that the divide between rich and poor grew during the Clinton presidency. The truth is that the Clinton “economic miracle” was accomplished on the backs of the poor. The tax tables do not lie--the poorest taxpayers paid 50% more in taxes under Clinton than under the Bush plan, while the richest taxpayers paid less than 10% more. A look at the facts further reveals that Bush’s “tax cuts for the rich” actually shift more of the tax burden to the richest taxpayers and provide the greatest tax relief to the poorest.

A recent editorial lambastes the Bush administration on eliminating double taxation on corporate dividends. Dividends are currently taxed at the corporate level, as well as at the individual investor level. Wall Street has enthusiastically welcomed these changes, and even some enlightened Democrats support it. A tax cut for the rich? No. Nearly one in three Americans is invested in the stock market. The small investor, which includes many retirees and pensioners, would see the greatest percentage increase in wealth from the elimination of this tax. Yes, the rich have borne the brunt of this unjust double tax, but that does rationalize keeping it.

As for the economy’s performance under Bush, the Democrats had better not be too loose with their criticism, the facts may get in the way. Here’s a little secret they don’t want you to know: The economy has experienced positive growth during every single quarter of both Bush administrations, interest rates are currently at a twenty year low, taxes are lower for all - with the poorest taxpayers benefiting the most, and unfair double taxation which discourages investment is being eliminated.

The Bush critics hope that screaming their hollow mantras will somehow drown out the truth. We’re not “Stupid” this time.

Not only are we in a recession, but it may get worse before it is all over. We are currently living in the illusion of nonproductive spending encouraged by the FED's easy money and bubble credit policies. If the unemployment trends don't reverse wildly to the upside, the dog and pony show will be over -- big time.

Richard W.

#2. Bush One was NOT the worst economy in 20 years, that honor was all Jimmy Carter's...

They actually claimed that it was the worst economy in 50 years ... and the media sang that song every night. I believe that we are in a recession and I no more trust the economic numbers from this administration that I did the previous one.

Not to equate W with the pig, but the number reporting on the economic side uses similar distortions and fudge factors.

There have been no quarters of negative growth under Bush Two.

This statement is false on its face. The first three quarters of 2001 were all characterized by negative GDP.

Make that "negative 'growth' GDP"...