The on-going myth that never dies

Maureen Dowd of the New York Times wrote a scathing editorial on Obama (shocking, I know). But couldn’t help herself with this line:

“But the cost of W.’s misbegotten wars and his mishandling of the economy overwhelmed Obama’s first term.”

Are you kidding me? Do we have to live with this PR bs for the rest of our lives?
 

A. Afganistan is now a misbegotten war? What happened to Afganistan is a legitimate war and Iraq, the war that got virtually unanimous approval, is illegitimate?

B. The actual cost of Afganistan, Iraq and "Pakistan" (whatever that includes) was $757 billlion over 7 years (2003-2010). Only 75% of Obama's PROPOSED deficit going forward for one year.

C. The media and think tanks have rolled out a $3bn proposed estimate for the cost of all the wars.

1. That figured includes "interest." Even if all the $750 billion were borrowed on day one, the aggregate cost to now is $225 billion at most, and $22bn going forward (less than Sandy pork).

2. It also includes $1 trillion of FUTURE healthcare costs for veterans for the next 50 YEARS. Again, per year, less than Sandy pork.

3. The next $1 trillion estimate must be rounding because I can't find support for that - unless it is 30 years worth of the above mentioned interest pulled forward.

D. Now in retrospect, what exactly was the mishandling of the economy that GWB is responsible for?

1. The tax cut? Can't be. Obama just campaigned across these great lands that restoring the Bush-tax cuts were ESSENTIAL to maintaining our economy.

2. The Federal involvement in the housing crisis? Yes, he can be criticized for pushing the "home-owner" society like many others at the time, but when he proposed curtailing the expansion of Fannie and Freddie (the lead players in the creation of the housing crisis) as early as 2005, he was shouted down by Barney Frank and Chris Dodd for being anti-middle class.

3. The banking crisis? Albeit dangerously, the banks were operating all legally and under the supervision of the non-political Federal Reserve limits and regulations.

4. The bailout through TARP? - The bailout of the nations' banks was the efforts of Bush's Treasury Secretary, Hank Paulsen, but in conjunction with soon-to-be Treasury Sectretary Tim Geitner. Therefore it must have been a bi-partisian approach.  Plus, TARP has been repaid and actually MADE the government money!

So someone please explain how Bush's activities have gotten us into this "mess" that is no one's fault but his?

I re-read an article written in 2003 by a self-proclaimed "moderate independent" that discussed whether or not GWB was reponsible for the recession of 2001-2002. The conclusion was that he WAS responsible - not for any of his fiscal actions or tax cuts - but rather that for the months leading up to his election and the six months that followed his inauguration, he talked down the economy by saying it was "bad" or "weak."  Clinton, OBL nor anyone else was to blame for the malaise, but rather harsh words scared everybody. That blogger no longer writes, I would love to hear what he has to say now.