President Bush's Dismal Economic Record
On Monday, January 28, President Bush will deliver his annual State of the Union address to Congress. As he has in the past, President Bush is likely to claim that the policies of his administration have helped strengthen the economy. But President Bush’s claims are misleading. President Bush has turned a federal budget surplus into record deficits and is tied with his father for the worst job creation record of any President in 70 years. Under President Bush’s failed economic policies, the unemployment rate is now increasing and the number of unemployed Americans is now 1.6 million greater than when he took office. At the same time, household income has declined for all but the wealthiest Americans after accounting for inflation, and America’s middle class has been squeezed by rising energy, health care and education costs. If current economic trends lead to a recession, as many economists are currently predicting, President Bush will become the first President to preside over two recessions since the Nixon administration.
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