Tuesday, December 11, 2007

Week 5, post b

Reading about the economic prosperity of the dot com boom and the budget surplus that followed the Clinton administration. It is amazing to look at what president Bush did to the national debt. Before reading this book I had never looked into what happened in the economy during from the 1990 to 2002. But to read about it and to look at what president Bush did is amazing. Coming out of the Clinton administration the government was looking at a budget surplus of $270 billion dollars in 2001, which the United States hadn’t seen since before the depression. Then Bush became the president. Instead of taking that money and putting it in to medicare and social security. As Alan put it "the greatest economic challenges on the domestic front as thirty million baby boomers aged their retirement was on the horizon.". Instead of using Alan’s advice the president issued a $1.3 trillion tax cut which totally decimated the surplus. Now the United States health care system is failing and our social security is doing terribly. While president Bush was in office he almost never vetoed a bill. So the deficit got bigger and bigger. With the beginning of the Bush administration we saw the projected budget surplus go to a budget deficit. Reading this makes me wonder how George Bush got elected to his second term because this make him look like a fool.

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