I refuse to accept the premise that the economic state of our nation has declined under the Bush Administration as a consequence of his policies.
In 2001, upon his inauguration, we were in an economic decline within the traditional business cycle, and federal revenues exceeded expenditures. Seeing as the Treasury should not call in bonds early, the wisest option during a recessionary period is to rebate the surplus–governments should not run surpluses as they attract legislative greasy thumbs. Hence the tax cut/rebate of 2001, followed by the tax cuts of 2003 to stimulate growth. The economy grew at a strong pace from 2003 to 2007, while we were at virtually full employment. We entered into trade agreements with neighbors that are beneficiary. By 2007, (not coincidentally with the ascencancy of the Democratic Congress), we hit a slowdown fueled by the housing crisis, which was stimulated in large part by government mandated relaxing of lending rules. And if you’re looking at notable bank failures, take note of Chuck Schumer’s imitation of Mr Potter from Its a Wonderful Life.
As much as I really like Palin, I think Obama will take this election. These are poisonous times, and the leftist loons feel they’ve been cheated in previous elections, and they will be out for revenge. For those of you in the investor class, I’d advise you to take heed of his policies and prepare a very defensive portfolio.
