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Myths and Facts of the Bush 43 Economy

I continue to see people bitch and moan and complain about how horrible things were economically under the Bush (43) Administration. Some of these same people then turn around and defend the Obama Administration budget when it QUADRUPLES anything that happened under the Bush Administration. Hypocrites, the whole lot of them.

Randall Hoven put together a nice summary of the reality of the Bush (43) economy as well as explaining that the American people who claimed to want less spending, ended up giving complete power of our government in Congress and the White House to the true big spenders.

Great job, morons.

Via American Thinker: Who are the Big Spenders?

[ … ] President Obama made these sentiments clear, as reported by the Kansas City Star.

“It’s a little hard for me to take criticism from folks about this recovery package after they’ve presided over a doubling of the national debt… What I won’t do is return to the failed theories of the last eight years that got us into this fix in the first place.”

Time for some reality checks.

Myth. Our national debt doubled in the last eight years.

Fact. Nope, no matter how you measure it. In fact, if adjusted for inflation, real economic growth and population growth, it didn’t budge at all. …

Myth. President Bush increased spending dramatically. Specifically, he spent more than President Clinton did, dramatically increasing our national debt.

Fact. Only if measured in nominal dollars. But by that measure, or even in inflation-adjusted dollars, Clinton spent more than Bush 41, who spent more than Reagan, who spent more than Carter, on down the line. Measured in a meaningful way, namely as a fraction of GDP, Bush spent less than the pre-Bush average, including that of President Clinton. Similarly, he kept national debt below the pre-Bush average. …

Myth. Republicans spent more on bailouts than Democrats. After all, Bush’s bailout, supported by John McCain, was $850B while Obama’s stimulus was only $787B.

Fact. It is true that 850 is more than 787. But when you get into who really asked for what amounts, and who voted for those amounts, the Democrats are responsible for 80% of all bailout spending – and the worst 80%. …

Myth. Bush spent irresponsibly huge amounts of money on his unnecessary war in Iraq and defense generally, crowding out non-defense spending.

Fact. No he didn’t. What he spent was nowhere near unprecedented, as a fraction of GDP. And he spent more on non-defense than Clinton did, even measured as a fraction of GDP.

Spending on national defense went from 3% of GDP to 4% in President Bush’s time in office. The US spent more than that from 1941 to 1994, or 53 years. A mere 4% of GDP is historically low, not historically high. Even during its lowest point previously, Jimmy Carter’s term, defense spending was 4.7% of GDP.

When we let that figure get low, 1.7% in 1940 and 3% in 2000, we got Pearl Harbor and 9/11. Coincidence? …

Myth. When Republicans were in charge, they spent too much.

Opinion. Yes they did.

But why do I say that? I say that because I am a limited-government conservative. I waited 50 years for Republicans to be in charge so they could do what they always said they would do: cut taxes, cut spending, cut regulations. They cut taxes a little bit in their first year or two, and that was it. I didn’t want them to do the same thing that had been done the previous 50 years; I wanted them to cut, cut, cut.

The above excerpt only includes the general statements. If you want his breakdown explaining the facts, make sure to read the entire article, as he lays out all the numbers for anyone willing to open their eyes and see.

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April 11, 2009 , 5:22PM - Posted by | Democrats, Economy, President George W Bush, Republicans

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