by | April 01, 2008
Pres. Bush rubs former HUD Secretary Jackson's head. It didn't bring either of them much luck.
What better way to commemorate April Fools’ Day then by recapping some very foolish statements from the Bush administration. We would be remiss if we didn’t mention a memorable claim from now former Housing Secretary Alphonso R. Jackson, who resigned yesterday amid a
swirl of accusations. In 2004 Jackson said that poverty “
is a state of mind.” Tell that to the approximately 40 millions of Americans living in poverty.
There are so many foolish remarks by the Bush Administration to choose from.
The Economic Policy Institute highlights four of the most foolish ones about economic issues by public policymakers over the past six years. They are:
President Bush: The Economy’s Strong. I’m Outta Here
At a news conference on August 9, 2007, President Bush acknowledged, “I’m not an economist” and then declared: “The fundamentals of our economy are strong … Job creation is strong. Real after-tax wages are on the rise. Inflation is low.”
Then he went on vacation in Kennebunkport, Maine, and Crawford, Texas.
Treasury Secretary Henry Paulson: Housing Market Bottomed Out Last Year
In a speech at the Committee of 100, a business group in New York, on April 20, 2007, Treasury Secretary Henry Paulson “delivered an upbeat assessment of the economy, saying growth was healthy and the housing market was nearing a turnaround,” according to a report by MarketWatch. “I don't see [subprime mortgage market troubles] imposing a serious problem. I think it's going to be largely contained,” he added.
Former Treasury Secretary John Snow: Not to Worry, No Housing Bubble
In an interactive “Ask the White House Forum” on October 27, 2005, then-Treasury Secretary John Snow was asked, “ Is there a real estate bubble in the economy right now?” Snow’s response: “While we should always be on guard for ‘bubbles’ or areas where economic activity doesn’t correspond with underlying economic fundamentals – as was the case with stock market bubble of the late 1990s – I don’t think this is the case with America’s housing market.”
Former Budget Director Mitchell Daniels: Iraq War to Cost $50-$60 Billion
In an interview with Elizabeth Bumiller of The New York Times on December 30, 2002, Mitchell E. Daniels, Jr., who was then director of the Office of Management and Budget, predicted that the cost of a war with Iraq would be $50-$60 billion. Daniels now serves as Governor of Indiana. More likely, the war will eventually cost an estimated $3 trillion, according to Joseph Stiglitz, Nobel Prize-winning economist and former chairman of the Council of Economic Advisers under President Clinton.
