Under pressure from a barrage of bad midterm-election polls, President Obama has gone on the campaign trail to blame Pres. George W. Bush for all our economic problems, and to bash House Republican leader John Boehner as nothing more than a Bush retread.
In Friday’s dreary news conference, Obama acknowledged that economic progress is “painfully slow,” and that voters may blame him for the economy. Yet he nonetheless continued to finger Bush “for policies that cut taxes, especially for millionaires and billionaires, cut regulations for corporations and for special interests, and left everyone else pretty much fending for themselves.”
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“Millionaires and billionaires” has become Obama’s favorite phrase as he calls for tax hikes on the wealthy and renews his attacks on Bush. In Cleveland last week, Obama actually blamed the Bush tax cuts for the financial meltdown and severe recession. Now that’s a reach. A big reach.
While Mr. Bush made plenty of economic mistakes, his 2003 reductions of marginal tax rates led to more than 8 million new jobs in the next four and a half years. Under Bush, the unemployment rate dropped to 4.6 percent.
And almost all economists agree that the 2007-08 financial meltdown was a housing-bubble and credit event. It had nothing at all to do with cutting taxes.
Regarding John Boehner, Obama slammed the GOP leader eight times in Cleveland. He claimed “no new policies from Mr. Boehner,” saying the Republican leader’s philosophy “led to this mess in the first place: cut more taxes for millionaires and cut more rules for corporations.”
Well, none of this is going to work come November 2.
Take a good look at the latest Wall Street Journal/NBC poll. It is very revealing on these points.
Voters were asked, if Republicans win control of Congress, will they return to the economic policies of George W. Bush, or will they have different ideas to deal with the economy? The response: 58 percent said different ideas, 35 percent said the policies of George W. Bush. Voters were then asked, if Democrats maintain control of Congress, will they continue with the economic policies of Barack Obama, or will they have different ideas on the economy? The response: 62 percent said the policies of Obama, 32 percent said different ideas.