Numbers Don’t Lie: Bush Was an Unmitigated Disaster
The Politics
In his farewell speech last night, George W. Bush said, in essence, his presidency wasn’t so bad. But numbers don’t lie. And the cold, hard facts show that the Bush Administration was an unmitigated disaster.
The Facts
INCOME AND INEQUALITY
Median income actually declined by $324 from 2000 to 2007. It went from $50,557 to $50,233 (in 2007 CPI-U-RSW adjusted dollars). In comparison, median income increased $6,198 (an increase of 14 percent) from 1992 to 2000. [Census Bureau] See page 31.
In contrast to median income, for the top one percent of households, pre-tax income rose 34.8 percent from 2001 to 2005, and after-tax income rose by 38 percent. [Center on Budget and Policy Priorities]
An average worker works a whole year to earn what her CEO takes home in one day. In 2007, the chief executives of the 500 biggest companies in the United States made an average of $12.8 million apiece—$51,200 a day [Forbes]
POVERTY
The number and percentage of people in poverty substantially increased. They went from 31,581,000 (11.3 percent) in 2000 to 37,276,000 (12.5 percent) in 2007. In comparison, poverty declined a great deal from 38,014,000 (14.8 percent) in 1992 to 31,581,000 (11.3 percent) in 2000. [Census Bureau] See page 46.
The number of people receiving food stamps was 31,049,715 in October 2008 (the latest month available) compared to the average of 17,194,000 participants in 2000—an 80 percent increase. [Food Research and Action Center, U.S. Department of Agriculture]
The number of children receiving a free or reduced price student lunch increased by 18 percent, from 15.5 million in 2000 to 18.4 million in 2008. [U.S. Department of Agriculture]
HEALTH INSURANCE
The number and percentage of people not covered by health insurance substantially increased. They went from 38,426,000 (13.7 percent) in 2000 to 45,657,000 (15.3 percent) in 2007. In comparison, uninsurance declined from 38,641,000 (15.0 percent) in 1992 to 38,426,000 (13.7 percent) in 2000. The uninsured today still include about 9 million children. [Census Bureau] See page 61.
Much of the recent increase in uninsurance comes from middle income families losing insurance coverage. For adults with incomes above 200 percent of the federal poverty level (about $42,000 per year for a family), the underinsured rate nearly tripled since 2003. [Health Affairs]
An additional 25 million Americans are underinsured. The number of people who have insurance that does not adequately protect them from high medical expenses has risen dramatically. Between 2003 and 2007, the number of underinsured adults increased by 60 percent. [Commonwealth Fund]
From 2000 to 2007, the cost of employer-sponsored insurance increased from $6,438 to $12,106 for family coverage. Adjusted for inflation, that’s a 56 percent increase to cover a family of four. Moreover, because employers are passing more costs onto their workers, the share paid by employees for their health insurance rose 68 percent. [Kaiser Family Foundation]
UNEMPLOYMENT
Overall unemployment went from 5,997,000 (4.2 percent) in January 2001 to 11,108,000 (7.2 percent) in December 2008. [Bureau of Labor Statistics]
Black unemployment went from 1,357,000 (8.2 percent) in January 2001 to 2,122,000 (11.9 percent) in December 2008. [Bureau of Labor Statistics]
Hispanic unemployment went from 987,000 (5.8 percent) in January 2001 to 2,038,000 (9.2 percent) in December 2008. [Bureau of Labor Statistics]
Youth unemployment went from 1,139,000 (13.8 percent) in January 2001 to 1,363,000 (20.8 percent) in December 2008. [Bureau of Labor Statistics]
MANUFACTURING
Seasonally adjusted manufacturing employment dropped from 17,105,000 in January 2001 to 12,981,000 in December 2008. This is a loss of 4,124,000 manufacturing jobs, a 24 percent decline over the course of eight years. [Bureau of Labor Statistics]
TRADE
America’s trade deficit has nearly doubled during the Bush presidency. Last year’s trade deficit was $711 billion compared to $365 billion in 2001. [Census Bureau]
In 2007, the trade deficit with China alone hit a record $256 billion. [Census Bureau]
HOUSING
The delinquency rate for residential mortgages more than doubled, from 2.27 percent in the last quarter of 2000 to 5.08 percent in the third quarter of 2008—and it's rising. [Federal Reserve]
The percentage of homeowners with both a home equity loan and a second mortgage nearly tripled from 2000 to 2007. [Census in 2000] [Census in 2007]
COLLEGE COSTS
Tuition and fees at a public four-year college increased from $3,500 to nearly $6,200 since Bush took office—an increase of 46 percent in inflation-adjusted dollars. Tuition at private colleges also became more expensive, increasing on average from $16,000 in 2000-01 to $23,700 in 2007-08. [College Board]
CONSUMER DEBT
The total amount of debt owned by American consumers increased from $1.744 trillion in January 2001 to $2.585 trillion in November 2008, a 33 percent increase. [Federal Reserve]
STOCK MARKET
The Dow Jones Industrial Average lost almost 20 percent in value, from over 10,500 in January 2001 to approximately 8,500 today. [Dow Jones Industrial Average]
