The stock market continues to soar, hitting the high-water mark of 13,600 this week. Let's remember that the market plunged to 7,500 in the aftermath of the tech bubble and the catastrophe of 9/11. The Nasdaq and S & P numbers are also looking good.
Bush has shepherded this economy back on track. His tax cuts have provided a powerful incentive for the engine of American creativity and productivity to get going and stay going. Unemployment is low, unlike the 10 percent rate that many European countries endure. Interest rates remain very reasonable. And with the help of a weak dollar America is now exporting more to the rest of the world. Of course there are trouble spots, as with any economy, but when I look at my monthly stock reports I'm glad I voted twice for Bush.
Clinton too had a strong economy, but he was coasting on the success of Reagan. Except for trying to take over the private health care system, which failed, Clinton didn't really have an economic policy. His main achievement was to do nothing. In fact, the most significant measures he took were to stop the reckless tax and spend policies of his own cabinet officials like labor secretary Robert Reich. Reich's book was titled "Locked in the Cabinet." Clinton deserves credit for throwing away the key.
Bush's critics continue to pummel him on Iraq. But politics has a way of coming back to domestic pocketbook issues. The Democratic presidential candidates all have imaginative ways to carve up the pie: this is for health care and this is for the poor and this is to fight global warming. They forget how the pie got so large in the first place. Bush deserves some of the credit for that.
Reader Comments ( Page 1 of 1)
1. I heard a compelling argument last night on NPR that the stock market is only doing so well because companies with excess cash are choosing to buy back their stock rather than leave it on the market. Simple supply and demand is driving this upswing. However, at some point the shares will flood back onto the market. Will Bush get credit for that too? Lots of people are wondering why simultaneously the stock market is soaring and the real estate market is failing. I submit that if Dinesh had more invested in real estate he wouldn't be so thrilled right now.
Oh, and will Bush get credit when we have to pay back all of the debt we have incurred fighting the Iraq war?
I also find it interesting that Dinesh posts his thoughts on the economy today when a commerce department report was just released stating that “the economy grew at its slowest pace since 2002 in the first three months of the year.”
Quote taken from CNN
Rob at 12:03PM on May 31st 2007
2.
I think you're far too optimistic, Bush has spent much more than he has put into the economy. He had a debt/GDP percentage of 57.4% when entering office and it's now at 67.2%, estimated to be around 70% when he leaves office. That means a future president is going to have to pay for that.
With the housing market collapsing and smart people like Mr. Greenspan dropping the R-word and making suggestions that the stock market is inflated, I'd be a little more worried.
Peter at 4:22PM on May 31st 2007
3. A sociopath has only one mantra, "I'm alright Jack!"
If Bush's Social Security 'fix' goes through that should inflate the Stock Market even more... temporarily. Don't forget to yank yer bucks before the huge crash, though!
Bush might go down in history for this huge 'bubble' too. What is it that you guys don't 'get' about the Christians and the corporations being in 'bed' with the government here?
Of course the corporations have huge amounts of capital to shuffle around to make things look rosy for a while.
Aww, but the poor 'left' and the poor masses have to live the inflation caused by all this money grabbing... this never ever bothered the wealthy 'cos they're 'Alright, Jack!'
pboyfloyd at 6:31PM on May 31st 2007
4. It looks like the economy is rolling right along, and Bush should get credit for that.
Pbf - In case you missed the thread on Mo Rocca's blog about indocumentados and immigration, I just want to let you know I try to apply the same rule about proposing changes:
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(from me to another poster) "LegalMexican - I am glad we basically agree on the matter of what to do with these folks, and thanks for the compliment.
I am trying to tell you that the way in which you approach the topic and those who disagree with you is important.
We live in a representative democratic republic and under our system, the majority rules. Consequently, it is the job of those who want something changed, or some action taken, to convince the majority, who usually prefer the status quo, that the proposed action will either be good for society, or will at least not be bad for society.
With that in mind then, given our opinion on this subject, it is your job (and mine), to convince people that we should legalize the Mexican indocumentados we already have. The best way to do this is to approach the topic in a staightforward and honest manner, and to approach those who are either undecided, or who disagree with respect, in a nice manner, and in good humor.
Feigning some perceived injustice or worry about racism will not advance the argument. Certainly tedious word games and/or hair splitting does not help. The practical quastion on the table is what to do with some 11 million undocumented people, most of whom are Mexican, who are currently working under a technically illegal status in the US.
You and I both should put forth frankly, what we think our government ought to do and why.
KB"
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I realize this is off topic, but saw you posted here, and this part of D'Souza's blog seems slow enough to handle this diverson.
¡Viva USA!
Ken Berg at 6:54PM on May 31st 2007
5. May the lust of avarice in the hearts of individuals and nations perish. May the poison of avarice never be inoculated in my veins and may I ever live in contentment, Ahura Mazda.
pboyfloyd at 8:39PM on May 31st 2007
6.
Don't forget to thank the President for the price of a gallon of gas while your at it. And the rapidly devaluating dollar that buys that gas. Of course the biggest gift of all from this administration is the still growing 9 TRILLION DOLLAR national debt that each and every citizen of this country now owes a portion of. There's a gift that will keep on giving for years to come. Clinton was "coasting" on the Reagan economy ? Interesting -someone must have forgot to tell the first President Bush he was "coasting" on the "wonderful" Reagan economy that helped send him packing in 1992. DD is at it again - good ol' Delusional Dinesh. Always good for a laugh but not much else. Ever think that there might be a lot of hard working Americans that aren't particularly benefitting from this big Wall Street boom ? Every citizen gets to share in the national debt - not the case with the big rally in the stock market.
By the way Dinesh - just how is the economy growing these days ? Tell us all about it.
max at 9:42PM on May 31st 2007