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[ # ] The Economic Consequences of Bush
December 11th, 2007 under Bush, poor

bush.jpgFrom Nobel laureate, Joseph E. Stiglitz:

Up to now, the conventional wisdom has been that Herbert Hoover, whose policies aggravated the Great Depression, is the odds-on claimant for the mantle “worst president” when it comes to stewardship of the American economy. Once Franklin Roosevelt assumed office and reversed Hoover’s policies, the country began to recover. The economic effects of Bush’s presidency are more insidious than those of Hoover, harder to reverse, and likely to be longer-lasting. There is no threat of America’s being displaced from its position as the world’s richest economy. But our grandchildren will still be living with, and struggling with, the economic consequences of Mr. Bush.

Some 5.3 million more Americans are living in poverty now than were living in poverty when Bush became president. America’s class structure may not have arrived there yet, but it’s heading in the direction of Brazil’s and Mexico’s.

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[ # 36591 ] Comment from D.R. Randle [December 13, 2007, 2:27 pm]

When you glance at the raw data – 5.3 million more living in poverty since 2000 – it looks bad. But when I did a little more research, I found a chart that shows the percentage of people living in poverty (broken down by age group) since 1959. And realistically, we’ve come a long way. One stat that I found interesting was that single-parent, female dominated homes with children under 18 seem to be the most susceptible to poverty. And that population has grown steadily. So what we may be experiencing is a breakdown in the family or a rise in poverty from its bottom around the year 2000. And we look to have peaked from that rise in 2003 (a year after the last recession) and moved downward since then.

So, I’m not sure it’s fair to singularly blame the economic policies of George Bush. There seems to be plenty of blame to go around. Oh, and here’s the link to that chart.

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