Jeb Says 4% Is Target
Jeb Bush said recently that President Obama has presided over a lack luster economy. If elected President, Jeb promised to return the US to a 4% growth economy. Is this a welcome pledge or just another “free lunch” claim?
Judging from real data (often absent in political speeches), Bush’s words contain a reasonable amount of bluffery and is absent a world perspective. The US economy has not seen 4% growth since 2000 when Jeb’s brother George took office. Hmmm.
What politicians like Bush ignore is the global nature of the economy and the sine curve nature of the years before 2000 when the words “what goes up” were followed by “must come down”. The US economy has historically been marked by high growth followed immediately by economic contraction. Since globalization has come to the fore, it becomes problematic whether the US economy can grow greater than 2% per year. So who is Bush trying to fool?
The answer, of course, is most ordinary voters who appreciate the potential of a better economy and a better life for themselves. This type of a shameless pledge will be heard often during the 2016 campaign and Jeb is trying to get out front with something that marks him as different.
The pregnant question is “well Jeb, just how do you think you can get the economy growing at the 4% level”?
Does he really think tax cuts for the wealthy, block grants for Medicaid, privatization of social security, and cuts in entitlements will bring about these results? Does he think the Paul Ryan budget is the blueprint? Or, does he think that eliminating regulations and freeing banks and large corporations to operate as they please is the key?
Who knows at this point. Sensible politicians know full well that it is wiser to make claims and omit the means to attain these goals.
I guess we will have to wait until debates before we learn Jeb’s plan. Hmmm.