Bush Years Were Good

Yes, that's correct....


Despite President Obama's continuing statements that we're in a crisis, Steve Landsberg in an article in The Atlantic has taken the position that economic events are not out of the historic norm, and the average citizen's life is better now that when George Bush took office four years ago for the following reasons:

You are better off than you were four years ago.

• After adjusting for inflation, the average American earns about $2500 a year more today than on the day of W's second inaugural.
  

• That same average American now spends a little less time at the office or on the assembly line, and a little more time on vacation or on the couch.
  

• He or she shops online for products that were unimaginable just four years ago. (How many of you read this morning's paper on your Kindle or iPhone?)
  

• The air is cleaner than it was a decade ago, and
  

• life expectancy is up.
  

Not that the last president had much to do with any of this. He didn't. It's the way the modern world works. Things improve. Incomes rise, work hours fall, the quality of goods improves.  Few things in economics are as consistent as the growth of real GDP per capita over the past 200 years:

Today we're in a recession--a moment in time when the march of growth stalls and even gets set back by a couple of years. This happens every now and then. Really. But things pick up again and we move on. Some people get set back a little farther than others; some are unemployed for a while. But the pool of resources is still near an all-time high.

In the long run we have nothing to fear but fear itself--and the rush to poor judgment that is the spawn of fear. Poor judgment makes people say things like "Hey! This new guy in town seems likable and right-minded. Let's give him everything he's asking for so he can take care of us." We've been down that road before. I'm hoping for some change I can believe in.