Quote:
Originally posted by CoolestPerson12
No
It was going to fall since the Clinton administration. First American citizens don't save money, they also took out more loans than they could pay back. When the housing bubble burst Americans lost home, and creditors lost money. This affects everything else, America is a consumer economy, when people smell something is wrong they don't spend. This had nothing to do with Bush, it was going to happen anyway. Also you have to remember, America always goes through a boom and bust. Its a constant cycle. Then you have to remember the student loans, and the corruption on Wall St. It was crap that was under the President. The economy was falling as soon as 9/11 took place.
Also, if you save money, you can stimulate the economy. America is a consumer economy, if people save too much, no one is buying. If people spend too much, and don't save this affects the economy too. Because people have to get money from somewhere, and here comes to loans.
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The economic downturn that resulted from 9/11 was short and was only the result of lack ofo travelling / using planes. Not borrowing loans, which seemed to be your main point.
The Bush Tax cuts, Medicare part D, and the wars made our national debt a lot bigger. More debt = less to spend on recovery. Yes, Bush wasn't that main cause, but he did contribute to it.
