Wednesday, September 3, 2008

Bush's good economic record.

This is taken liberally from an article in the Wall Street Journal ("Bush Has a Good Economic Record" - WSJ, September 3, 2008 P. A 23)

I was amazed reading this, but here's a synopsis for those who care about "issues".

U. S. economic output is higher than most advanced economies since 2000 (including estimated 2008) 2.2% a year; 19% larger than Clinton's and against 14% (France), 13% (Japan) and 8% (Italy and Germany).

U. S. personal household consumption (citizens and "illegals" combined) second only to Luxemburg out of 146 countries. U. S. average: $32,000 ( UK, Canada, France and Italy all under $25,000; China $1700.)

84.7% of U. S. population is covered by health insurance (2007), up by 3.6 million from 2006 and 2008 was up another 1 million from 2007. Healthcare -- the highest number per capita in the world -- was 9% of GDP similar to Germany and France. Our uninsured can go to ERs unless they don't have the education or desire to do so.

The richest 20% of Americans had a 45.8% share of total income similar to UK and Israel, and below 65 other countries. Some of this income stuff (the low or "unfair" part) is from 10 million more immigrants from '95 to '05.

Business investment over Bush's term has been the highest in history at over $8,000 per capita vs. under $5,000 in both Germany and UK.

Bush's unemployment rate averaged 4.7% compared to Clinton's 5.2% and the Euro zone's 8.3%.

U. S. general debt interest payments = 2% of GDP vs. 3.2% while Clinton was in office and 2.7% in Euro zone.

Finally, the cost of the wars in Iraq and Afghanistan has bumped up defense spending to 4.1% of GDP from 3.8% in '95.

In seeing these figures, the economy under Bush has done pretty well. 2008's housing collapse looks to be a lot less devastating than the media and Democrats portray; commodities prices and falling; the was in Iraq is winding down.

McCain's economic policies are designed to continue this success.

Continued low taxes

However, Obama will sidetrack it:
Huge subsidies for "alternative energy" - defined as not oil and gas, natural gas, coal or nuclear ($150 billion).
Bailouts for the auto makers ($50 billion)
Increase taxes on small business owners, the successful, the dead, investors (capital gains and dividends) who represent about half the population, oil companies,
Reduce the taxpayer base by 15 million households and GIVE them someething like $648 million over ten years.
And, of course, because Obama must raise something like $20 million a week, while McCain has taken public financing, he will be promising many special interests a lot.
Speaking of which, his two mainstay funders, union leaders and trial lawyers tend to take expansion money and new-job money from corporations. Job losses occur, further endangering our economy.

So a good question to ask Obama, "Does government have to do everything?"

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