President Bush and the Economy

Warning: This is a bit of a rant.

This morning, President Bush addressed the economy. And I as listened, I couldn't help but feel the rage. Along with the usual fear mongering on the War on Terror, he also put in some pretty predictable jabs at Congress, insinuating that the economy issues we are facing are somehow the fault of the Democrats.

Anyway, some of the predictable highlights from President Bush on the economy:

  • We need keep the bailout train moving with more de-regulation of Fannie Mae and Freddie Mac.
  • ANWR is the answer to energy problems.
  • The tax rebate will stimulate the economy.
  • Corn ethanol is our innovative renewable energy.
  • Tax cuts for the rich should be permanent.

I disagree on just about every point. After all, continuing to bailout bad decisions (by investors, home owners and mortgage lenders alike) will ultimate put taxpayers on the hook down the road.

And don't get me started on ANWR and ethanol. Whoops. I'm already started. ANWR would need at least 10 years to figure out if it's even viable, and cost billions. And corn ethanol is just a nod to Big Ag — a nod that would take corn as food and turn it into a rather inefficient fuel source. Shouldn't that money be used to support American ingenuity in finding better renewable energy sources? If we developed current technology, by the time ANWR was ready to be drilled, we could have advanced beyond on the need to drill ANWR.

Tax cuts for the rich, and tax rebates aren't going to create a sustainable economy. All it does is ultimately cost more (that tax rebate is a loan, which will have to be paid back with interest) for the middle class — which has been getting the shaft for years. “Trickle down” my foot. The middle class works harder than anyone else and gets the worst deal. That hasn't changed.

There are no quick fixes to this problem. During his first term, President Bush tried a tax rebate. You can see the result today. Easy credit, an emphasis on spending to drive the economy and continued deficit spending has taken its toll. Announcing drill in ANWR or de-regulating government chartered agencies aren't going to fix that. Not now. And not 10 years from now.

Tags: President Bush, President Bush economy, ANWR, mortgage,

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