John Tamny at Real Clear Markets gives a good assessment of Trump to date and a fair assessment of the economy during the Obama years. Obama was not a good economic president as Tamny points out, but it is also fair to say that Bush and HIS big government meddling did much to bring Obama (and Obama’s version of big government meddling) into the White House.
Trump should learn from this.
He must if he is to succeed.
(From Real Clear Markets)
Still, in referring to the “last eight years” as a bad economic era Republicans have conveniently left out why Obama was elected in the first place. Republicans ignore that the economy hardly boomed during George W. Bush’s presidency, and in fact was seriously depressed when Bush left office. Obama’s election was in a very strong sense a rebuke of the weak economic situation that he inherited.
That the economy was contracting when Bush departed shouldn’t surprise Republicans willing to be fair and balanced about what powers prosperity. While Bush signed into law impressive tax cuts on income and capital gains in 2003, he also signed the Sarbanes-Oxley Act, which treated and treats CEOs like criminals. He never vetoed a spending bill, even though the GOP had control of Congress up to 2006. The tax that is government spending soared. The Bush Treasury made plain its preference for a weaker dollar (and markets complied) that was a tax on the investment that leads to the capital formation necessary for companies and jobs, not to mention what a weaker currency meant for the average earner suddenly taking in dollars that were worth quite a bit less. Does anyone remember fondly the $60-$100 visits to the gas station? Or how about the bailouts of banks and carmakers that should have been allowed to fail with the health of the economy very much in mind? The uncertainty caused by intervention in what was healthy caused a crisis that wasn’t financial as much as it was a reminder of the panic that governments cause when – yes – they panic.