It’s Still the Bush Economy
Many in the media appear to concur. Judging by the way our economic crisis has played out in the media, it’s as if Obama was the guy running the country into the ground for the past eight years, instead of the one trying to fix it for fewer than the past 90 days.
Bush administration originally decided to bail out the four largest banks in America, AIG, and the automobile industry well before Obama won the election. And never mind, more importantly, that it was the Bush’s administration’s policy and ideological principles, favoring deregulation at any cost, that rested at the heart of bad economic decision after bad economic decision, and helped cause the crisis in the first place. What’s more, Bush and company were AWOL per usual when presented with the opportunity to address, even fix, the risky subprime lending industry.
A young male in his 30s today has an income, adjusted for inflation, that is 12 percent less than what his father was making 30 years ago. Some 5.3 million more Americans are living in poverty now than were living in poverty when Bush became pres. dent. America’s class structure may not have arrived there yet, but it’s heading in the direction of Brazil’s and Mexico’s.”
By Eric Alterman
(George W. Bush)