CNN’s Erick Erickson: Economy Crashed Under Bush Because of Too Much Regulation
How unhinged from reality does one have to be to write a sentence like this?
The Bush tax cuts, objectively, helped the economy both recovery from the 2000-2001 recession and spur some of the greatest economic activity the nation has ever seen.
Let’s roll the tape.
Bush’s record on jobs:
The current President Bush, once taking account how long he’s been in office, shows the worst track record for job creation since the government began keeping records.
Gross domestic product, a broad measure of economic output, grew at the slowest pace for a period of that length since the Truman administration.
While Bush was in office, the median household income declined, poverty increased, childhood poverty increased even more, and the number of Americans without health insurance spiked.
What a smashing success those tax cuts were!
So why the 1929-like complete collapse of the economy that happened under Bush’s watch?
There have been upturns and downturns in the economy since economies first developed several millennia ago. But also, massive new regulations in Sarbanes-Oxley and the continuing incursion of the government via Fannie and Freddie into private lending markets forcing private lenders to launch even riskier ventures to stay profitable led to a lot of schemes collapsing in on themselves and taking the economy out too.
Translation: The Bush economic record would’ve been even more awesome if libruls hadn’t forced Citi and Chase and Bank of America and to lend money to negroes.
Great hire, CNN!