President Obama and the Democrats continue to blame our current economic problems on "Bush's failed economic policies." Of course nothing could be further from the truth. To be sure, President Bush's economic policies were extraordinarily successful given the circumstances, which accrued to him and were not of his doing. In fact, the root causes of our current economic problems are well documented (though avoided by the mainstream media) and can be traced directly back to the social re-engineering policies that began decades ago. Further, the "trigger" was more recent. (See Did Bush Cause Our Financial Crisis? and Obama Blames Bush For Financial Crisis)
But for now, let's take a look at just some of the results of President George W. Bush's economic policies.
Beginning in August 2003, President Bush’s economic policies resulted in the creation of 8.31 million jobs. It was the longest continuous months of job growth on record.
But for now, let's take a look at just some of the results of President George W. Bush's economic policies.
Beginning in August 2003, President Bush’s economic policies resulted in the creation of 8.31 million jobs. It was the longest continuous months of job growth on record.
November 2, 2007, the Bureau of Labor Statistics released new jobs figures – 166,000 jobs created in October. Since August 2003, 8.31 million jobs have been created, with 1.68 million jobs created over the 12 months that ended in October. Our economy has now added jobs for 50 straight months – the longest period of uninterrupted job growth on record. The unemployment rate remains low at 4.7 percent.
The U.S. Economy Remains Strong, Flexible, And Dynamic
- Real GDP grew at a strong 3.9 percent in the third quarter of 2007. The economy has now experienced six years of uninterrupted growth, averaging 2.8 percent a year since 2001.
- Real after-tax per capita personal income has risen by 12.7 percent – an average of over $3,800 per person – since President Bush took office.
- Real wages rose 1.2 percent over the 12 months that ended in September. This rise is faster than the average rate during the 1990s.
- Since the first quarter of 2001, productivity growth has averaged 2.6 percent per year. This growth is well above average productivity growth in the 1990s, 1980s, and 1970s.
- The deficit today is at 1.2 percent of GDP, well below the 40-year average. Economic growth contributed to a 6.7 percent rise in tax receipts in FY 2007, following an increase of 11.8 percent in FY 2006.
In other news, the Democratically controlled congress has also set a new record — they now have the lowest congressional approval rating in history. After promising virtually everything, they have accomplished virtually nothing.
