Bush Stimulus Packages
Some on the left are under the impression that the Bush administration failed to provide stimulus to get us out of the current economic mess, so we therefore need even more stimulus now.
Matt Yglesias: “When you see conservative complaining that the stimulus bill is too expensive and won’t be fast-acting enough, keep in mind that had they not blocked stimulus last year on the grounds that it was too slow and expensive, we probably wouldn’t be in a position today where we need such a large fiscal expansion.”
Steve Benen: “Last year, as economic conditions were deteriorating, then-President Bush believed no action was necessary (that is, unless congressional Democrats were prepared to make his tax cuts permanent, because nothing leads to success like repeating failure). Democratic lawmakers raised the specter of a modest stimulus — nowhere near the scope of the current proposal from the Obama administration — and Republicans balked.”
Are we living in some sort of parallel universes? Here on Earth Prime, this happened a year ago:
President Bush on Wednesday signed a multibillion-dollar economic rescue package on Wednesday that means $300 to $1,200 rebates for many American households. Bush called the measure “a booster shot for our economy” to stave off a recession. Several dozen members of Congress, including House Speaker Nancy Pelosi, stood on the stage behind Bush as he signed the bill.
And this happened last October:
After two weeks of contentious and often emotional debate, the federal government’s far-reaching and historic plan to bail out the nation’s financial system was signed into law by President Bush on Friday afternoon. “By coming together on this legislation, we have acted boldly to prevent the crisis on Wall Street from becoming a crisis in communities across our country,” Bush said less than an hour after the House voted 263 to 171 to pass the bill.
The House vote followed a strong lobbying push by the White House and other supporters of the bill. The House rejected a similar measure on Monday – a defeat that shocked the markets and congressional leaders on both sides of the aisle.
Now, I happened to oppose these measures as ill-thought-out and hasty, as did many conservatives. But they did happen. At least, in this reality.