Economy

President Bush And His Real Economic Numbers

February 23, 2006 ⋅  E-Mail Article ⋅  Print Article ⋅ Post a comment

Like Archie and Edith Bunker used to say, “Those were the Days.” Partisan hacks can rip former President Bill Clinton all they want but when you compare his economic numbers to President Bush, he has a big advantage. You can drink the Kool-Aid if you want but in reality you cannot look at the economic numbers and ignore the obvious, President Clinton had us making more money eight years ago than we are today and our prospects looked much brighter for a good tomorrow when Clinton was in charge of the economic ship. “Those were the days.”

Political partisan hacks can argue amongst themselves all they want but the truth of the economy, and its effects on Americans, can be seen in the raw hard numbers, and this latest report by the Fed my friends shows us exactly what we feared the most, the race to the bottom has began and we are involved in it whether we like it or not.

The ‘Race to the Bottom’ was a term created to describe how the Asian influence of China, and India, have degraded the standard of living for most industrialized nations. The race refers to our loss of income earnings and lifestyle value.

What the new economy has produced is a reduction in wage increase and a loss of income for most Americans. The Federal Reserve released an important survey which was discussed Thursday and it showed that the growth of US household incomes and net worth has slowed noticeably in recent years compared with the same monitored time span in the 1990s.

Here is the meat of the argument as released by the Fed:
Between 2001 and 2004, the median inflation-adjusted income in the US rose by 1.6 per cent before taxes, compared with 9.5 per cent growth in the three years to 2001.
Median family net worth rose 1.5 per cent in the three years to 2004, compared with a 10.3 per cent increase in the period 1998-2001, dragged down by a decline in real wages.
Overall, average incomes declined by 2.3 per cent from 2001-04, compared with 17.3 per cent growth from 1998-2001

How can we look at these numbers and say that Bush is a better President than Clinton in regards to the economy? I know it sounds crazy but many out there are saying it. I like the way President Bush makes America seems brave, and strong again. However, we need a strong financial footing in the new world and on this point the President is failing.

Some of the latest economic numbers are looking a little more promising but much more work needs to be done. Let’s hope Bush keeps improving but until then, I am sorry but he is second to Clinton when it comes to economic greatness.
US - Growth in US household incomes slows

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