The Bush Boom Was a Complete Bust

[marmar]

from HuffPost:





Hale "Bonddad" Stewart
The Bush Boom Was a Complete Bust
Posted April 6, 2008 | 10:15 AM (EST)



Either we're in a recession or we're about to start one. Either way, the latest expansion is over. While there may be some question about when it happened (the expansion, that is) the reality is it was the least impressive expansion since WWII. Below I will explain why.

Before I move forward, let me address specifically any readers who still think the last expansion was "the Greatest Story Never Told." I am going to use facts to demonstrate why the latest expansion was terrible. If you don't like the facts please feel free to present you own facts. In fact, please do so. But please only use facts from reliable sources. Reliable sources would be the government agencies that collect and present this data. To sit at this table, you must bring data (properly adjusted for inflation) that is from sources used by all economists not from sources whose credibility is non-existent.

That being said (and I can't believe I even have to address this issue).

Let's start with the consumer side of the equation. First , job growth during this expansion is the weakest of any recovery since WWII. (This information comes from the National Bureau of Economic Research and the Bureau of Labor Statistics): http://www.huffingtonpost.com/hale-stewart/the-bush-boom-was-a-compl_b_95278.html


As a result, real median household income (income adjusted for inflation) is now lower than it was at the beginning of this expansion (this is the first time this has happened in 40 years) ......(more)

The complete piece is at: http://www.huffingtonpost.com/hale-stewart/the-bush-boom-was-a-compl_b_95278.html

[Jim__]

1. Excellent article - thanks for posting it - n/t

[GoesTo11]

2. A stroll down memory lane

Larry Kudlow - Genius
(Bush's Supply Side Boom)