Is Bush responsible for the economy?

Foreclosures are up. Stock market is down. Stimulus checks are in the mail.

Is President Bush responsible for the current economic woes? The aspirants for his job -- Democrat Barack Obama and Republican John McCain -- spend much of their stump speeches arguing that he is, and leaving the impression that as soon as he leaves office in January, good times will return.

But slate.com's Daniel Gross argues in an article called "Presidential Impotence" that throughout history, few presidents have exerted that kind of influence, with a few notable exceptions.

"Over the past 219 years, the U.S. economy has expanded under all types of presidents, Democratic and Republican, activist and somnolent. But there have certainly been some notable policies that inflicted short-term damage, such as Thomas Jefferson's ill-conceived embargo on trade with Britain in 1807 and Ulysses S. Grant's decision to place the United States back on the the gold standard, which contributed to a banking panic that in turn led to a recession that lasted for nearly all of Grant's second term."

As for the Great Depression, Gross notes that Herbert Hoover's "hands-off approach" to the crisis "exiled his party from the White House for a generation."

And the happy days anticipated for January? Maybe, he says.

"Presidents do have the ability to affect the short-term national mood about the economy. Think about the juxtaposition of Hoover's cool response and Franklin Delano Roosevelt's exhortations to fear nothing but fear itself."

-- Johanna Neuman

Photo: Erik S. Lesser/Chicago Tribune

Comments

[nroberts]

Is this what we can expect from Mr. Zell's new policy?

[Mark Gisleson]

I cannot believe that you would assert Bush is blameless for this economy without a single verifying link other than an historical reference that arguably has little to do with Bush's high-handed, our-way-or-the-highway approach to governance.

Please cite examples of Bush not getting his way on the economy. I'd say he got his way most of the time, and specifically the bills passed by the Republicans bear the greatest responsibility for the mess we're in.

And, as an Iowan, no, Herbert Hoover didn't deserve to be the poster child for the Great Depression, but he and Calvin Coolidge certainly helped bring about a massive failure of our markets. Presidents escape responsibility by playing the Mafia game: denying responsibility for the Congressional actions they lobbied for.

[Ed in Socal]

A large part of the economic problem is the result of the dollar's dwindling value in overseas markets. The dollar is losing value, because the credit worthiness of the USA has been severely impacted by the borrowing of funds to support the war on Iraq. That war was unneccessary, illegal, and started by Bush. So, connect the dots and you'll see that indeed Bush is directly responsible for the country's economic woes.

[anonymouse]

Sorry, but I have to blame much of the current economic stupidity on Democrat party principles. Clearly their efforts to stop any capital investment (whether it be in power generation, manufacturing, or any sort of technological progress) in this country have allowed other countries to both compete and excel at what American traditionally did best.

Our car manufacturers have spent more on health care than on steel for decades now. We have nowhere to store expended nuclear rods as they've stalled Yucca Mountain for a decade now. No oil refineries (I'd assume a new one would be cleaner than an old one), no manufacturing, nothing but green carbon credits.

I don't even want to talk about what Clinton and that jackass Ron Dellums did to defense expenditures in California. Seen any aerospace in SoCal recently?

Feinstein and Boxer represent the largest state in the country, but are two of the weakest political players imaginable representing us. Can anyone provide a list of their achievements? Hint- it's very, very short. Pelosi only reinforces the "fruits and nuts" idea the rest of the country already believes...

[nakks]

Hey, lets not forget the Congress here...things started going down the tubes when...beginning 2007 or thereabouts when Yep Madam Leftist Pelosi and Leftwinger Reid took over the reins...

afterall Congress controls Purse Strings!!! and hinders (or aids) the Prez...

[Shanon]

I remember when the stupid Democratic Party ran the White house. Consistent job growth, twice the GDP growth we have now... Boy I'd hate to see that again. Peace, prosperity... $1.50 a gallon gas.. .ugh. How did we survive when Exxon was only making 10 billion a quarter instead of 40 and Halliburton stock was only $18 a share? Stupid Democrats.

[Shanon]

"ere...things started going down the tubes when...beginning 2007" What? Have you paid any attention to the economy at all before 2007? Man that righ-wing cool-aid is strong stuff.

How can you blame anything at all on Pelosi's congress when Bush has vetoed everything they've tried to do? Things that could have helped get us out of the pit we were dragged into by this administration... even the GI bill.

But I suppose you wingnuts would rather have Tom Delay back accepting bribes and handing out favors to the highest bidder. Half of the seats Pubs lost was because they were being indicted for corruption.

Remember when we had a president who didn't say "Outsourcing is good for the economy?"

[FreeMoney]

Bush spend money like a mad man. He thinks money grow on trees.

[slp]

Is is disingenious to say that Bush has nothing to do with the current economic woes. Republicans and neocons are fond of blaming prior administrations for there own draconian policies. It seems to me that every time a Republican President has been in office, we end up in a war and a recession. The Republican and neocon agenda always seems to me to be anti-humanitarian. What I don't understand is why the American people are duped into believe these people into electing them over and over again.

[Dan]

@ Nakks

Very intelligent post I see there. After all, it's clear that when Democrats have control good things happen, and when Republicans have control naught but bad happens. I'm so glad Clinton ballwhipped the Republican Congress into shape by removing all their power (thank you Democrats Bill Clinton!!). But of course, Congress must be absolved of responsibility because Bush can't do anything.

Is Bush blameless? Of course not. Is the Democratic Party responsible? Yes, but nobody cares about Barney Frank. Noone cares about Nancy Pelosi. It's easier just to blame it all on Bush, and that is what has happened. And to be frank, this country is moronic politically. Barack Obama was the better candidate chosen for the wrong reasons. He was voted in because he was Black and not a Republican. Completely wrong reasons.

Right or Left wing this country is controlled by the banks and the people that have money. This country is in a depression, because those that control the money control the economy!