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Bush Years Were Dark for US Economy

'We really went nowhere for almost 10 years,' says economist

By Kevin Spak, Newser Staff

Posted Jan 12, 2009 11:49 AM CST

(Newser) – The Bush years have not been good ones for the economy, the Washington Post reports, based on an analysis of economic data and discussions with economists of all stripes. Job growth for Bush’s tenure amounts to just 2%, the smallest 8-year gain on record, and GDP grew at its slowest pace since the Truman administration. “We really went nowhere for almost 10 years,” said one Moody’s economist.

Even excluding 2008’s recession, Bush’s tenure was weak, with GDP growth crawling at just 2.1% annually. Bush frequently points to the 52-straight months of job growth he presided over, but economists say that was mostly a housing bubble byproduct. “There was very little of the kind of saving and export-led growth that would be more sustainable,” said a one-time Bush staffer and McCain adviser. “It was all Band-Aids.”

[Images (3)]

[Quotes (3)]

Traders on the floor of the New York Stock Exchange pause to watch President Bush speak, Friday Oct. 10, 2008. (AP Photo/Richard Drew)

A trader watches President George Bush on a television screen on the floor of the New York Stock Exchange, Friday, Dec. 19, 2008. (AP Photo/Richard Drew)

George W. Bush and his father enjoy a light moment during a reception in honor of the Points of Light Institute in the East Room at the White House in Washington. (AP Photo/Ron Edmonds, File)

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For a group that claims it wants to be judged by history, there is no evidence on the economic policy front that that was the view. It was all Band-Aids. - Douglas Holtz-Eakin, former Bush staffer, and economic adviser to John McCain's presidential campaign

It's sad to say, but we really went nowhere for almost 10 years, after you extract the boost provided by the housing and mortgage boom. It's almost a lost decade.
- Mark Zandi, chief economist of Moody's Economy.com

The economy was caught up in a storm while he was president, but it wasn't his fault. To the extent there ends up being a defense of the Bush presidency, that's about the best you can get. - Kevin A. Hassett, adviser on Bush's re-election campaign

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COMMENTS

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Showing 3 of 8 comments

Guest

Feb 27, 2009 3:32 AM CST

We exported our growth to Iraq. It's not like we had anything at home to spend money on.

nick

Jan 14, 2009 7:43 PM CST

The cornerstone of Bush's economic policy was deregulation. Let that be a lesson that this country will never forget. As the Gipper used to say, "Trust, but verify."

Doctor-Zaius

Jan 13, 2009 6:29 AM CST

Obviously, economics wasn't W's strong suit. Surely, there must be something else he was extremely good at, wasn't there? nick | 2 hours, 52 minutes ago...................................................................Getting out of Vietnam?

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Bush Years Were Dark for US Economy

'We really went nowhere for almost 10 years,' says economist

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Bush administration • real estate • economic growth • recession • GDP • housing bubble • economy • job • George W. Bush

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Bush Years Were Dark for US Economy

'We really went nowhere for almost 10 years,' says economist

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OTHER STORIES ON OUR RADAR

Bush administration • real estate • economic growth • recession • GDP • housing bubble • economy • job • George W. Bush

MOST POPULAR STORIES

[ By Views ]

[ By Comments ]

More Newser Stories

Economy Growing at Fastest Pace Since 2003

Last quarter of 2009 saw GDP growth of 5.7%

Americans Blame War for Economic Woes: Poll

71% see negative impact; 61% want quick withdrawal from next president

Recession Worse Than Thought; GDP Growth Weak

Economy grew just 1.3% over past three months

Blame Elite, Not Voters, for Deficit Mess

Those 'lecturing' on deficit helped get us here in the first place: Paul Krugman

Economy Grows in Q3, Signals End of Recession

Tenuous 3.5% growth is best showing in two years

About Us

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Newser By Users

Community

Site Maps

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What is Newser?