Archive for the ‘budget/taxes/economy’ Category

George W. Bush’s legacy by the numbers

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With the opening of the George W. Bush Presidential Center in Dallas today, historians and political pundits are taking a second look at the 43rd president’s legacy.

We’d like to offer you a dispassionate view of the Bush record, culled from objective data. Here’s a sampling:

ECONOMIC GROWTH:

GDP growth, adjusted for inflation, for each president

President Real GDP Growth Ranking
Franklin D. Roosevelt + 9.6 % 1 of 13
John F. Kennedy +5.2% 2 of 13
Lyndon Johnson +5.1% 3 of 13
Bill Clinton +3.6% 4 of 13
Dwight Eisenhower +3.6% 5 of 13
Ronald Reagan +3.5% 6 of 13
Jimmy Carter +3.2% 7 of 13
Richard Nixon +3.0% 8 of 13
George W. Bush +2.2% 9 of 13
Gerald Ford +2.1% 10 of 13
George H.W. Bush +2.1% 11 of 13
Harry Truman +1.1% 12 of 13
Herbert Hoover -15.0% 13 of 13

 

JOB CREATION:

President Percentage increase in jobs Ranking
Lyndon Johnson 3.8% 1 of 11
Jimmy Carter 3.1% 2 of 11
Bill Clinton 2.4% 3 of 11
John F. Kennedy 2.3% 4 of 11
Harry Truman 2.2% 5 of 11
Richard Nixon 2.2% 6 of 11
Ronald Reagan 2.1% 7 of 11
Gerald Ford 1.1% 8 of 11
Dwight Eisenhower 0.9% 9 of 11
George H.W.Bush 0.6% 10 of 11
George W. Bush 0.3% 11 of 11

Source: Washington Post data

WORKERS’ INCOME:

Inflation-adjusted changes in per capita income

President Percentage change Ranking
Lyndon Johnson 4.1% 1 of 11
John F. Kennedy 3.1% 2 of 11
Ronald Reagan 2.7% 3 of 11
Richard Nixon 2.6% 4 of 11
Bill Clinton 2.3% 5 of 11
Gerald Ford 2.1% 6 of 11
Jimmy Carter 1.8% 7 of 11
George W. Bush 1.3% 8 of 11
Dwight Eisenhower 1.3% 8 of 11
Harry Truman 0.8% 10 of 11
George H.W. Bush 0.1% 11 of 11

Source: Washington Post data

INCREASE IN GOVERNMENT DEBT:

Increase in the national debt during each presidency

President Increase in national debt Ranking
Franklin D. Roosevelt 929% 1 of 12
Ronald Reagan 179% 2 of 12
George W. Bush 88% 3 of 12
Richard Nixon 49% 4 of 12
Jimmy Carter 42% 5 of 12
Bill Clinton 40% 6T of 12
George H.W. Bush 40% 6T of 12
Gerald Ford 22% 8 of 12
Dwight Eisenhower 20% 9 of 12
Harry Truman 20% 10 of 12
Lyndon Johnson 13% 11 of 12
John F. Kennedy 10% 12 of 12

Source: Houston Chronicle analysis of government data

 

STOCK MARKET PERFORMANCE:

Dow Jones Average’s annual change during each presidency

President Stock market change Ranking
Bill Clinton +28% 1 of 13
Dwight Eisenhower +21% 2 of 13
Franklin D. Roosevelt +17% 3T of 13
Ronald Reagan +17% 4T of 13
Harry Truman +16% 5T of 13
Gerald Ford +16% 5T of 13
George H.W. Bush +11% 7 of 13
Lyndon Johnson +6% 8T of 13
John F. Kennedy +6% 8T of 13
Jimmy Carter No change 10 of 13
George W. Bush -2% 11 of 13
Richard Nixon -3% 12 of 13
Herbert Hoover -20% 13 of 13

END-OF-TERM JOB APPROVAL:

Job approval at the end of each presidency

President Final approval rating Ranking
Franklin D. Roosevelt 72% 1 of 12
Bill Clinton 65% 2 of 12
Ronald Reagan 64% 3 of 12
John F. Kennedy 63% 4 of 12
Dwight Eisenhower 59% 5 of 12
Lyndon Johnson 49% 6 of 12
George H.W. Bush 56% 7 of 12
Gerald Ford 53% 8 of 12
Jimmy Carter 34% 9 of 12
Harry Truman 32% 10 of 12
George W. Bush 27% 11 of 12
Richard Nixon 24% 12 of 12

JOB APPROVAL (HIGHEST POINT):

Highest approval ratings of each presidency

President Highest rating Ranking
George W. Bush 92% 1 of 12
George H.W. Bush 89% 2 of 12
Harry Truman 87% 3 of 12
Franklin D. Roosevelt 84% 4 of 12
Lyndon Johnson 80% 5T of 12
John F. Kennedy 80% 6T of 12
Dwight Eisenhower 79% 7 of 12
Jimmy Carter 75% 8 of 12
Gerald Ford 74% 9 of 12
Bill Clinton 73% 10 of 12
Ronald Reagan 68% 11 of 12
Richard Nixon 67% 12 of 12

Source: University of Connecticut, Roper Center

JOB APPROVAL (LOWEST POINT):

Lowest approval rating of each presidency

President Lowest rating Ranking
George W. Bush 19% 1 of 12
Harry Truman 22% 2 of 12
Richard Nixon 23% 3 of 12
Jimmy Carter 28% 4 of 12
George H.W. Bush 29% 5 of 12
Ronald Reagan 35% 6T of 12
Lyndon Johnson 35% 6T of 12
Bill Clinton 36% 8 of 12
Gerald Ford 37% 9 of 12
Franklin D. Roosevelt 48% 10T of 12
Dwight Eisenhower 48% 10T of 12
John F. Kennedy 56% 12 of 12

Source: University of Connecticut, Roper Center

U.S. STANDING IN THE WORLD:

Favorable image of the United States

Country 2000 rating 2008 rating Change
Nigeria 46% 64% +18
South Korea 58% 70% +12
Russia 37% 46% +9
India 66% 66% 0
Pakistan 23% 19% -4
South Africa 65% 60% -5
Brazil 56% 47% -9
Spain 50% 33% -17
Poland 86% 68% -18
France 64% 44% -20
Mexico 68% 47% -21
Argentina 50% 22% -28
Japan 77% 50% -27
Great Britain 83% 53% -30
Indonesia 75% 37% -38
Turkey 52% 12% -40
Germany 78% 31% -47

Note: The initial surveys in South Africa and India were conducted in 2002.

Source: The Pew Research Center

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To read Rick Dunham’s comprehensive report on President Bush’s legacy, click here.

Ten ways you could feel Friday’s $85B federal budget cuts

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Poll: Americans tell GOP leaders to take a hike off the fiscal cliff

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Cliff diving

It’s worse than Republicans thought.

The first national poll conducted after the fiscal cliff deal finds that Americans overwhelmingly believe President Obama won the game of political chicken along the ledge of the “fiscal cliff.”

Then there’s the bad news for the GOP.

Just 19 percent of Americans approve of the way Republicans handled the fiscal cliff showdown, according to a new national survey from the Pew Research Center for the People & the Press.

Even Republicans were unhappy with the Republican leaders: just 41 percent gave John Boehner & Co. good grades for their work on the cliff deal.

President Obama won the approval of 48 percent of Americans for his role in the negotiations. Not great. But a whole lot better than the Republican leaders.

The Jan. 3-6 survey of 1,003 adults find that Obama isn’t just a political winner. Fifty-seven percent of those surveyed say Obama got more of the policy substance he wanted from the tax compromise — which made the Bush tax rates permanent for about 99 percent of U.S. taxpayers while raising rates on family income above $450,000. A mere 20 percent say Republican leaders got more of what they wanted.

Republicans, by a massive margin, said Obama got the better of their leaders: by 74 percent to 11 percent, they say Obama got more of what he wanted.

According to a Pew analysis, “the legislation itself gets only a lukewarm reception from the public: As many disapprove as approve of the new tax legislation, and more say it will have a negative than positive impact on the federal budget deficit, the national economy and people like themselves.”

>>> Check out the full report

Sen. Coburn thinks we can trim Pentagon spending — like the beef jerky research and study of tweeters’ slang

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It’s no secret that our policy makers are scrambling to figure out how to slow down the massive growth of our national debt, which at the time of writing clocked in at $16.25 trillion and counting.

The Department of Everything

If you ask Republicans how they would balance the budget the answer is easy: Cut spending in every corner of big government – everywhere except defense.

But Tom Coburn, the Republican senator from Oklahoma, sees things a little differently from his colleagues on the right. He thinks the Department of Defense could save at least $67.9 billion over a decade by making cuts to DOD expenses that actually have very little to do with defense.

Think beef jerky. And red balloons. And peace through fish. Yes, fish.

On Thursday, Coburn released a report titled “The Department of Everything,” which looks at the “non-defense” spending that he says could save taxpayer dollars and reduce our deficit “without cutting any Army brigade combat teams, Navy combat ships, or Air Force fighter squadrons.”

The oversight report found $6 billion that went to non-military research and development, $15.2 billion went to education, $700 million went to alternative energy, $9 billion to grocery stores, and $37 billion to overhead, support and supply services.

But the strangest findings of the report come from the Pentagon’s expenses in research and development.

“The federal government will spend about $138.9 billion on research and development in 2012,” the report states. “The Department of Defense (DOD) will spend nearly $73 billion, which is more than the combined total of every other federal agency and department.”

Coburn isn’t convinced that we’re spending our money wisely, and after taking a look at the report, we aren’t either.

Here’s a look at some of the kookier places we’re sending our funds.

‘Koo’ Use of Slang in Twitter Messages Reveals ‘Suttin’

The Air Force Office of Scientific Research and the Office of Naval Research funded an analysis of 380,000 tweets by 9,500 Twitter users in March 2010. Using the GPS locations of the tweets, researchers at the Carnegie Mellon School of Computer Science looked at regional slang and dialects.

Here is what they found:

“Postings on Twitter reflect some well-known regionalisms, such as Southerners’ ‘y’all,’ and Pittsburghers’ ‘yinz,’ and the usual regional divides in references to soda, pop and Coke,” according to the study. “In northern California, something that’s cool is ‘koo’ in tweets, while in southern California, it’s ‘coo.’ In many cities, something is ‘sumthin,’ but tweets in New York City favor ‘suttin.’ While many of us might complain in tweets of being ‘very’ tired, people in northern California tend to be ‘hella’ tired.”

Coburn argues in his report that although this information may be interesting to linguists, the study of slang and dialect by the Pentagon is a waste of taxpayer dollars.

Pentagon Researchers Study Fish to Determine if Ignorance Can Save Democracy

Yes, you read that right. Researchers at the Pentagon and Princeton are studying the ignorance of fish in order to save our highly polarized nation.

The study looked at the color preferences of golden shiner fish to determine whether animals with “no prior knowledge or strong feelings on a situation’s outcome” will side with the majority or minority opinion.

They trained fish to swim towards a blue target while a “strongly ‘opinionated’ minority group” “driven by a natural attraction to the color yellow.”

The results found that the minority group won when uninformed individuals were not present, but lost when untrained fish added to the experiment sided more consistently with the trained majority. In other words, undecided voters are more likely to be swayed by the majority opinion of their community than a more outspoken minority.

In bold-faced type, Coburn writes:

“How is this study comparing fish to democracy and politics possibly linked to the defense of this nation? How can this study be considered as necessary to help our military fight and win the nation’s wars?”

Pentagon Raids Weapons Program to Develop Beef Jerky Roll-ups

The Foreign Comparative Testing program is cooking up a new brand of beef jerky that “will shock and awe your taste buds,” Coburn writes.

The FCT has spent over $1.5 million on its jerky which the Department of Defense describes as “a meat roll-up that can be consumed as a savory snack or used as a filling for a shelf stable sandwich.”

This is all well and good, but the Oklahoman points out that the FCT’s funding is supposed to go towards testing weapons and technologies for our soldiers.

DOD Hunts Ten Red Balloons

Playing off of the 1982 Nena song, “99 Red Balloons,” the Defense Advanced Research Projects Agency hosted a Red Balloon Challenge, a techno-treasure hunt during which participating teams explored “how the Internet and social networking can be used to solve a distributed, time-critical, geo-location problem.”

DARPA awarded $40,000 to the first team to find one of 10 red balloons hidden across the country.
The English version of the song is about two children who release 99 red balloons into the air, sending governments into red alert and triggering a nuclear war.

In a statement, Coburn said:

“I believe in peace through strength but we cannot be strong militarily unless we are strong economically. And we cannot be strong economically if we treat politically-sensitive areas of the budget as sacrosanct. At a time when our own military leaders are calling our debt our greatest national security threat we need to look at every area of the budget for potential savings. No part of the budget can be taken off the table. Achieving peace through strength, and getting our debt under control, must involve refocusing the Pentagon on its core mission.”

According to Coburn’s 73 page report, other areas of research and development include robots as playmates for children, the color of the first bird’s feathers, and a mobile app to tell users when to take their next coffee break.

Read the full report here.