THERE IS SOMEONE THAT THINKS; "BUSH HAS A GOOD ECONOMIC RECORD!"

BELIEVE IT OR NOT, THAT PERSON DOES EXIST!

Just as we have all said things that we later wished had never escaped from our mouths, (You know, like John McCain saying in 15 different campaign speeches since January that "the fundamentals of the American economy were strong" or President Bush saying in his 2002 State of the Union address that; "Saddam Hussein was trying to buy yellow cake uranium from Nigeria".)

Mr. Keith Marsden, a current "fellow" of the Centre for Policy Studies, a previous adviser at the World Bank and a senior economist in the International Labor Organization is also apparently a sometimes writer for the Washington Times. He actually wrote a piece back in September with the title:"Bush Has a Good Economic Record", that I would hope today he wishes he didnīt write.

Mr. Marsden started his article by criticizing the Democratīs National Convention in Denver where he says the speakers; "poured scorn on President Bush's economic record," and they tried to "undermine support for Republican presidential nominee John McCain". He also intimated that a McCain election would not mean a "third Bush term." (I don't understand what other type of activity Mr. Marsden would expect from a large group of assembled Democrats at their nominating convention....?)

He went on to say that; "The Democrats cited no good evidence for their claims that the administration has produced a stagnant economy, widening disparities of income and wealth, high unemployment, and a heavy burden of government debt (supposedly resulting from an unwise military intervention in Iraq)."

He then uses statistical data published by the International Monetary Fund (IMF), the Organization for Economic Cooperation and Development (OECD), the World Bank, the International Comparison Program (ICP) and the U.S. Census Bureau to allow what he calls "a nonpartisan, factual assessment".



Here are some abridged versions of his findings with my added comments:

- On US Economic growth. "The IMF reports that real U.S. gross domestic product (GDP) grew at an average annual rate of 2.2% over the period 2001-2008 (including its forecast for the current year). President Bush will leave to his successor an economy 19% larger than the one he inherited from President Clinton."

He somehow forgets to mention that 3 million US jobs have disappeared since 2000. In addition, he doesnīt make any comments about President Bushīs statement in his 2006 State of the Union speech that 4.6 million new jobs would be created. This was supposed to be more than Japan and the European Union combined. Under Clinton, for 8 years, 1.76 million jobs per year were created. Under Bush, for the past 7 years, only 369,000 jobs per year were created. (Per the Bureau of Labor Statistics.)

On US Household consumption. "The ICP study found that the average per-capita household consumption of the U.S. population (citizens and illegal immigrants combined) was second only to Luxembourg's, out of 146 countries covered in 2005."

On this subject, he fails to mention that when adjusted for inflation, the average Americanīs income hasnīt increased for ~10 years. Also, that the average American "family-of-four" costs have increased by $1,000 per year, due mainly to the increased cost of health care and education. (And this does not account for the latest increases for the cost of energy, food and transportation.)

On US Health services. "The U.S. spends easily the highest amount per capita ($6,657 in 2005) on health, more than double that in Britain. The uninsured can receive treatment in hospitals at the expense of private insurance holders."

Yes, the US pays the highest price per capita for their current health care program. But at this very high price, Mr. Marsden fails to add that 46 million Americans are still currently uninsured. Yes, they can go to the emergency room for medical treatment. For what the US taxpayers currently pay, it could have single-payer coverage for "every US citizen and the illegal immigrants". Plus, there would be "preventative health care programs" and coverage regardless of any previous medical problems.

On US Income and wealth distribution. "The latest World Bank estimates show that the richest 20% of U.S. households had a 45.8% share of total income in 2000, similar to the levels in the U.K. (44.0%) and Israel (44.9%)."

Many top world economist and business analyst agree that the bulk of America's current ~$9 Trillion dollar national debt ($30,000 for every US resident) is due to the past Republican Congress and President Bush's flagrant use of America's credit card (paid for by loans from China) for financing our military occupation in the Middle East. The debt is also directly supported by the results of President Bush's tax cuts.

On US Investment. "Investment has been buoyant under President Bush. According to the ICP, outlays on additions to the fixed assets (machinery and buildings, etc.) of the U.S. economy amounted to $8,018 per capita in 2005 compared to $4,963 in Germany and $4,937 in the U.K."

What he doesnīt say is that more and more of our country is being purchased by investors from outside the US. In addition, if China were to call in their notes on the money we must now borrow from them every month, China would virtually "own" the US.

On the US Distribution of Income. "When considering the distribution of income and wealth in the U.S., another factor that should be taken into account is the sharp rise in the number of immigrants. The stock of international migrants (those born in other countries) in the U.S. grew by nearly 10 million from 1995 to 2005, reaching a total of 38.5 million according to the World Bank."

Perhaps, if the current Bush administration had taken care of the US borders as they had promised, and if they were not a sieve for allowing illegal immigrants to enter at will, the immigrant growth rate would not be at the current high level.

ON US Employment. "The U.S. employment rate, measured by the percentage of people of working age (16-65 years) in jobs, has remained high by international standards. The latest OECD figures show a rate of 71.7% in 2006. This was more than five percentage points above the average for the euro area."

Somehow Mr. Marsden is not aware that the current unemployment rate is increasing and is higher than it has been in the US for over a decade.

On Debt interest payments. "The IMF reports that the interest cost of servicing general government debt in the U.S. has averaged 2.0% of GDP annually from 2001-2008, compared with 2.7% in the euro zone. It averaged 3.2% annually when President Clinton was in office."

As previously stated, if China were to call in their notes on the current US debt with China, they would virtually "own" the US. Most likely, our childrenīs, childrenīs, children will still be paying back the George W. Bush and GOP caused debts.

On the Occupation of Iraq: "The cost of the wars in Iraq and Afghanistan has been largely absorbed in a relatively small increase in the defense budget (to 4.1% of GDP in 2006 from 3.8% in 1995). A much higher proportion of U.S. income was devoted to the military during World War II and the Korean War."

This is almost too bazaar to even comment on. The conflict in Iraq is not even in the Pentagon's Defense Budget. It is being paid for with borrowed money, mainly from China.

YES SIR, THE US IS IN GOOD SHAPE!

The rest of the article says that the country is basically "just fine" and if the Democrats are elected, there would be; "higher taxes on entrepreneurs, savers and investors, more direct government intervention in the economy, and protectionist policies (including revoking existing trade agreements)."

According to all that Iīve been able to determine about Mr. Obama is that if he is elected, my taxes will go down, not up. Yes he will re-do some trade agreements like NAFTA and CAFTA to be better for all American workers.

As to Marsden comment on the Democrats and their; "direct government intervention", the Republicans today are "demanding that the government get involved" and use taxpayer dollars to once again "bail out" the unregulated "fat-cats" on Wall Street and their banking community. Just like the Wall Street "bail out" of 1931 by the Republican President, Herbert Hoover, this is now the second time in less than 100 years that the GOP has screwed the American public with an un-sound and unregulated government.

I am personally very suspicious of anyone that can look at the last eight years of this administration and the last 12 years of a Republican Congress and can still smile. I am also puzzled by anyone that thinks that becoming the worldīs largest debtor nation and that having a national deficit larger than ALL of the previous Democratic administrations combined is good. And finally, I definitely question the sanity of anyone that agrees with paying out $700 Billion for a failed Wall Street and then has the nerve to say that the current United States economy is "just fine"…….???

And there are highly recognized organizations that pay this man as an economic advisor?

I can then only then assume that Mr. Keith Marsden must either be mentally ill or is currently on some very good hallucinogenic drugs.

Copyright G.Ater 2008