DOUBLING DOWN ON PRESIDENT BUSH'S ECONOMIC POLICIES

President Obama has framed his budget as a break from the "failed policies" of the Bush Administration. Actually, his budget doubles down on President George W. Bush's borrow, spend and bail out policies, says Brian M. Riedl a researcher with the Heritage Foundation. [snip]

President Bush ran budget deficits averaging $300 billion annually. After harshly criticizing Bush's budget deficits, President Obama proposed a budget that would run deficits averaging $600 billion even after the economy recovers and the troops return home from Iraq.

The President's tax policy is the only sharp break with Bush's economic policy.

President Bush reduced taxes by approximately $2 trillion; President Obama has proposed raising taxes by $1.4 trillion. In doing so, President Obama has rejected the most successful Bush fiscal policy.

In the 18 months following the 2003 tax rate cuts, economic growth rates doubled, the stock market surged 32 percent, and the economy created 1.8 million jobs, followed by 5.2 million more jobs in the next 27 months.

Not until the housing bubble burst several years later did the economy finally lose steam. Pro-growth lawmakers should embrace tax relief policies that have proven successful, while rejecting the runaway spending that has been business as usual in Washington.

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