January 2009
"
In the eight years since George W. Bush took office, nearly every component of the U.S. economy has deteriorated. The nation’s budget deficits, trade deficits, and debt have reached record levels. Unemployment and inflation are up, and household savings are down. Nearly 4 million manufacturing jobs have disappeared and, not coincidentally, 5 million more Americans have no health insurance. Consumer debt has almost doubled, and nearly one fifth of American homeowners are likely to owe more in mortgage debt than their homes are actually worth. Meanwhile, as we have reported previously, the final price for the war in Iraq is expected to reach at least $3 trillion.
Whether we struggle to break our addiction to deficit spending in order to pay off our debts, or wind up inflating them away,
the economic mistakes of the George W. Bush White House will cast a long shadow over the next generation of Americans."