Saturday, September 6, 2008
Can we survive a third term of George W. Bush, economically? Bush's third term is what the Democrats and their communications subsidiary (the mainstream media) want us to believe a McCain presidency would be. They continue to remind us how disastrous the past two Bush terms have been.
Keith Marsden in an editorial in the Wall Street Journal compares, using facts rather than repetitive slogans, the Bush economic performance with the same periods in Europe and with the prior Clinton years. He uses data from the International Monetary Fund, the World Bank and the U.S. Census bureau (among others) to show a positive and consistent picture.
By using a balanced approach of comparing economic growth (GDP), unemployment, wage and earnings stratification and buying power, he has some rather surprising (for some) analysis. The Bush presidency produced tremendous economic results and unprecedented wealth creation for the citizens and corporations of the United States. In fact, there is no other country that does any better and no other six year period of American history that is any more favorable.
Unemployment: Bush Average: 4.7% (Clinton average 5.2%, Europe average 8.3%)
2001-2008 Cumulative GDP growth: Bush 19% (Europe 8-14% for all major countries)
Wealth Distribution: Bush Top 20% of earners: 45.8% of income (65 out of the 67 countries in the comparison had more income in the top 20% than the U.S.)
Additional analysis on purchasing power, health care spending and other economic indicators paint the same picture.
There are many enlightening facts in this analysis and probably worth committing to memory for the next time some water cooler Democrat is harping about a Bush third term and change, change, change. It may also help to remind them that the only bad economic periods in the Bush presidency was the quarter immediately following 9/11 and the six quarters since the Democrats have controlled congress.
If McCain means a Bush Third Term including all the economic and security implications that that charge carries, I say, when can we start?
Submitted by D. B. Jackson