Tuesday, March 18, 2008

Bush’s “denial of the economic reality”

SilentPatriot, Crooks and Liars: Following up on Nicole’s post from yesterday, this great editorial in The New York Times fact-checks President Bush’s speech at the Economic Club of New York. Needless to say, it ain’t pretty.

Through Bush-Colored Glasses:

Mr. Bush said he was optimistic because the economy’s “foundation is solid” as measured by employment, wages, productivity, exports and the federal deficit. He was wrong on every count. On some, he has been wrong for quite a while.

Mr. Bush boasted about 52 consecutive months of job growth during his presidency. What matters is the magnitude of growth, not ticks on a calendar. The economic expansion under Mr. Bush — which it is safe to assume is now over — produced job growth of 4.2 percent. That is the worst performance over a business cycle since the government started keeping track in 1945.

This is the legacy of President Bush. This is the legacy of the enabling and entirely complicit Republican-controlled Congress. This is the legacy John McCain is promising to continue.

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