Obama can't take credit for much, and the one thing he touts the most as his great accomplishment, killing Bin Laden, was a covert plan already in place and set in motion under the Bush administration. It is the one thing Obama could directly place the responsibility for on Bush.Obama is not even a child of American affirmative action or civil rights legislation. He was out of the county for much of his use. Yet he reaped many of the benefits from the Great Society and its subsequent programs. It was 'shovel ready' for him to benefit by.
Unfortunately much of what used as the rationalization for Civil Rights legislation was and is predicated upon blame, benefits and irresponsibility.
George W. Bush did a terrible job a the helm in controlling the budgets out of both Republican and Democrat Congresses. Spending was uncontrolled, then it became uncontrollable. But Obama is in his fourth year in office and it is high time for him to take some responsibility for his own Presidency. If he can't, then he should get out or be put out! m/r
Can We Blame President Bush for Everything?
“What a mess we inherited from President Bush!” is the mantra President Obama and the Democrats repeat when microphones are near. But what did President Bush contribute to the Great Recession? Above all, President Obama cites the Bush tax cuts, and how that shoveled dollars to Wall Street “fat cats” to invest recklessly. Those tax cuts are on the chopping block, and President Obama wants them to expire at the end of this year.
The Bush tax cuts, passed in 2003, did three things: first, they cut the top rate on the income tax from 39.6 to 35%; second, dividend tax rates were cut from 39.6 to 15%; and third, the capital gains tax was cut from 20 to 15%. When those cuts became law, the U.S. economy, still reeling from 9/11 and also the dot.com bubble, came storming back to life. In the next four years, household net worth jumped almost 50%; employment skyrocketed by 2,000,000 jobs each of the next four years; and more millionaires began paying taxes from ever larger incomes. In 2003, according to Art Laffer and Steve Moore, 17,294 Americans paid taxes on more than $5 million income. In 2007, that number soared 137% to 40,931 Americans who paid taxes on incomes over $5 million. The stock market rose, and revenue into the federal government sharply increased.
In 2008, reporter Charlie Gibson of ABC News asked presidential candidate Obama about the capital gains tax cut. Gibson stated, “When the rate dropped, revenues from the tax increased,” but candidate Obama responded, “Well, Charlie, what I’ve said is that I would look at raising the capital gains tax for purposes of fairness.” That’s an odd point of view, but even if we accept it, is it “for purposes of fairness” fair to concede that President Bush’s tax cuts raised much new revenue, but then blame them for somehow contributing to the Great Recession? If so, the president needs to give us a clear explanation.
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