Today on CNN’s Late Edition, Sen. Jon Kyl (R-AZ) claimed President Bush’s economic agenda had nothing to do with the current financial crisis, insisting defiantly that Bush “doesn’t run the economy”:
KYL: George Bush doesn’t run the economy. He didn’t create this problem. His tax rates being lower actually helped for six years create the second largest economic growth that we’ve had in the history of the country in recent years. … The President doesn’t run the economy.
The current financial crisis is a direct result of Bush running the economy. Bush’s massive tax cuts for the wealthy have contributed to record inequality and historic deficits and debt. The administration gutted several “specific regulations” of the financial system, helping plunge Wall Street into the mess it is facing today.
Embracing a common conservative talking point, Kyl tried to lay all the blame for the crisis on the lack of regulation of Fannie Mae and Freddie Mac. As Alan Greenspan, SEC Chairman Chris Cox, and former Treasury Secretary John Snow — along with the Wonk Room — have stated, this is false.
CAP’s Scott Lilly noted that for the past eight years “we have papered over the fact that American consumers do not have the purchasing power to sustain economic expansion.” Why? Bush’s policies have done nothing for the majority of Americans.
If Bush or any president doesn’t run the economy, then who does, Sen. Kyl?