Bush Reaches Economic Dead End

Last Friday, President George Bush called for a $150 billion dollar stimulus package to “jump start” America’s flagging economy. The problem, he assured his viewers, was temporary.
“I'm optimistic about our economic future,” said the President, “because Americans have shown time and again that they are the most industrious, creative, and enterprising people in the world. That is what has made our economy strong. That is what will make it stronger in the challenging times ahead.”
What was the reaction of the U.S. and the rest of the world to those rousing words from the head of the world’s most powerful nation?

Stock markets tanked across the globe. Tuesday’s historic rate cut by the Federal Reserve has temporarily staunched the bloodletting, but no one believes the crisis is over.

Right now, in Europe we are waiting to learn if markets will plunge even further.

This is not to pin the melt-down on Bush alone. (More on that later.) But the fact is that the prestige of an American President, his ability to reassure jittery investors around the world—never mind his own country--has never been lower.

From the start, Bush’s vacuous promises and pigheaded policies—at home and abroad—have turned out to be miserable failures, bringing only disaster in their wake.

Why give any credence to this latest White House initiative?

In just about ever arena, from its attempts to sabotage the U.S. constitution, to intervene across the Middle East and Central Asia, the Bush administration has reached a dead end.

Enjoy this piece?

… then let us make a small request. AlterNet’s journalists work tirelessly to counter the traditional corporate media narrative. We’re here seven days a week, 365 days a year. And we’re proud to say that we’ve been bringing you the real, unfiltered news for 20 years—longer than any other progressive news site on the Internet.

It’s through the generosity of our supporters that we’re able to share with you all the underreported news you need to know. Independent journalism is increasingly imperiled; ads alone can’t pay our bills. AlterNet counts on readers like you to support our coverage. Did you enjoy content from David Cay Johnston, Common Dreams, Raw Story and Robert Reich? Opinion from Salon and Jim Hightower? Analysis by The Conversation? Then join the hundreds of readers who have supported AlterNet this year.

Every reader contribution, whatever the amount, makes a tremendous difference. Help ensure AlterNet remains independent long into the future. Support progressive journalism with a one-time contribution to AlterNet, or click here to become a subscriber. Thank you. Click here to donate by check.

Close
alternet logo

Tough Times

Demand honest news. Help support AlterNet and our mission to keep you informed during this crisis.