Favorite

Dumas: Romney may rue Bush involvement 

click to enlarge George W. Bush image
  • Telfair H. Brown, Sr.

You can appreciate Mitt Romney's dilemma. The economy is supposed to be the win-or-lose issue in the presidential election, and your advantage is that voters tend to forget fairly soon how the bad times started and instead blame the man who inherited them. But how do you avoid triggering inconvenient memories?

George W. Bush, who left office only 40 months ago with a 22 percent approval rating, has helped the cause by staying out of sight and out of mind — until last week, when he told an ABC reporter as he was squeezing into an elevator that he supported Mitt Romney for president.

Romney has rarely uttered the name of the former Republican president whose taxing and spending practices, including a fourfold increase in military spending, sent the national debt spiraling out of control and whose regulatory and economic policies produced the worst economic collapse since 1929.

Romney called Bush to thank him for the endorsement and then avoided using his name so assiduously the next day that the media had to take notice. In a speech in Florida in which he attacked President Obama's debt and spending record, Romney alluded to Bush five times, but each time only as the president's "predecessor." He said Obama had justly criticized the big deficits of his predecessor but Obama's were worse.

That has been Romney's refrain for a long time. He can justify it by the raw numbers, as long as he doesn't have to explain them, but in a head-to-head campaign with the president rather than with a choir of Republican candidates it will be unavoidable. Obama's deficit and debt numbers are worse because the economy was in a free-fall when he took office. Bush's wars and the rising cost of income security in the recession meant necessarily rising deficits and debt.

Yes, there was Obama's big stimulus program. It came to $815 billion, spread over three years. The nonpartisan Congressional Budget Office calculated that it added from 500,000 to 3.3 million jobs and raised GDP by up to 4.5 percent — better than Bush's record the preceding three years.

Romney has two big problems with his argument about the failure of Obama's economic initiatives.

First, when he was governor of Massachusetts and his state was failing to keep up with other states climbing out of the little Bush recession of 2001, Romney proposed stimulus programs with taxpayers' money totaling $600 million, mostly bribes to corporations to hire workers. It would come to $30,000 a job.

Second, Romney's oft-repeated charge that Obama inherited a bad economy and job situation and then proceeded to make it much worse will not withstand a minute's debate.

When Obama took office the economy was losing an average of 750,000 jobs a month. The job losses shrank as the stimulus kicked in that summer until October, when the unemployment rate bottomed out at 10 percent. The jobless rate now is 8.1 percent and it may not get back to Bush's ending rate of 7.6 percent before the election, but the reason for that is perverse for Romney, if he cares to pursue it.

The economy has regained about 4.3 million private-sector jobs so that there are more people employed in the private sector than when Bush was president. The jobless rate is still high because in the same period the number of government workers has fallen by 607,000 and governments are continuing to shed jobs. Republican orthodoxy is that eliminating government jobs is supposed to be a good thing.

That unpopular bailout that Romney sometimes subtly acknowledges was Bush's? Obama modified it by making shareholders take a haircut and forcing $140 billion of private money to recapitalize the 19 largest banks and unfreeze the lending market. The result was the banks repaid taxpayers with interest. Under the predecessor plan, the taxpayers might still be out $700 billion.

Same story with the automakers. They were going under with the Bush bailout. Obama re-engineered it, demanded that workers take a hit and put in more cash. America now has a growing auto industry and most of the $80 billion has been returned to the treasury.

If George W. Bush will stay off the stage, maybe Romney can stick to the simple message and avoid those troublesome details.

Favorite

Tags:

Comments (3)

Showing 1-3 of 3

Add a comment

 
Subscribe to this thread:
Showing 1-3 of 3

Add a comment

More by Ernest Dumas

  • Glass houses

    Having gotten a deep security briefing and probably a confidential glimpse of our own vast cyberspying operation, Donald Trump is no longer pretty sure that the Kremlin didn't hack Democratic computers or employ other tactics to help his election.
    • Jan 12, 2017
  • ACA and the GOP

    Congress and the new president in a matter of weeks will repeal big parts of the Affordable Care Act, at least nominally, but what will follow that wondrous event will not be the contentment that Republicans have long promised, but even more political tumult.
    • Jan 5, 2017
  • Dangerous kids

    It is a habit one must stop, opening the papers and online journals each morning looking desperately for solace from a whole year's unrelieved manifestations of hate arising from religious, racial, ethnic or simple cultural differences.
    • Dec 22, 2016
  • More »

Readers also liked…

  • Religion as excuse upends Constitution

    Tirades over religious liberty since the U.S. Supreme Court legalized same-sex marriages nationwide have awakened the ghost of James Madison, the author of the constitutional doctrine on the matter, and it isn't happy that his effort to protect religious inquiry in America is being corrupted.
    • Jul 9, 2015
  • Guns, God and gays

    Many more mass shootings like the one last week in Roseburg, Ore., will stain the future and no law will pass that might reduce the carnage. That is not a prediction but a fact of life that is immune even to Hillary Clinton.
    • Oct 8, 2015
  • AEC dumps ALEC

    No matter which side of the battle over global warming you're on, that was blockbuster news last week. No, not the signing of the climate-change treaty that commits all of Earth's 195 nations to lowering their greenhouse-gas emissions and slowing the heating of the planet, but American Electric Power's announcement that it would no longer underwrite efforts to block renewable energy or federal smokestack controls in the United States.
    • Dec 17, 2015

Most Shared

Latest in Ernest Dumas

  • Glass houses

    Having gotten a deep security briefing and probably a confidential glimpse of our own vast cyberspying operation, Donald Trump is no longer pretty sure that the Kremlin didn't hack Democratic computers or employ other tactics to help his election.
    • Jan 12, 2017
  • ACA and the GOP

    Congress and the new president in a matter of weeks will repeal big parts of the Affordable Care Act, at least nominally, but what will follow that wondrous event will not be the contentment that Republicans have long promised, but even more political tumult.
    • Jan 5, 2017
  • Dangerous kids

    It is a habit one must stop, opening the papers and online journals each morning looking desperately for solace from a whole year's unrelieved manifestations of hate arising from religious, racial, ethnic or simple cultural differences.
    • Dec 22, 2016
  • More »

Visit Arkansas

Indian Rock House at Fairfield Bay

Indian Rock House at Fairfield Bay

Winter is the perfect time to explore the natural stone shelters where native Arkansans once lived

Event Calendar

« »

January

S M T W T F S
1 2 3 4 5 6 7
8 9 10 11 12 13 14
15 16 17 18 19 20 21
22 23 24 25 26 27 28
29 30 31  

Most Recent Comments

  • Re: Hillbillies

    • One last thought - oh, Nanc, do try not to refer to your children, adorable…

    • on January 14, 2017
  • Re: Hillbillies

    • Dearest Nanc - My, my - showing a good bit of hatred yourself, Look into…

    • on January 14, 2017
  • Re: Hillbillies

    • I'm with you all the way, Nanc.

    • on January 14, 2017
 

© 2017 Arkansas Times | 201 East Markham, Suite 200, Little Rock, AR 72201
Powered by Foundation