The Boom or Bush Cycle

The Boom or Bush Cycle

The public’s love affair with the Bush Administration is souring. Polls show that voters are deeply worried about its handling of the economy, although they still claim to like George W.

Copy Link
Facebook
X (Twitter)
Bluesky
Pocket
Email

The public’s love affair with the Bush Administration is souring. Polls show that voters are deeply worried about its handling of the economy, although they still claim to like George W. Bush as a person. It makes sense, of course, since who doesn’t enjoy the company of a charming confidence man?

In the movie, a rakish George Clooney can play him, winking and smirking and flirting as he hatches corporate scams, squanders his friends’ money and rides a friendly Supreme Court into the White House.

Americans are up against the reality that while the son of old vet Poppy might make for an interesting dinner guest, telling family war stories and all, like his father he lacks the seriousness of purpose required to manage daily life in the real world. And should we really expect more from men who never had to take out the garbage, let alone worry about paying the mortgage? Men for whom the making of money was a game without real risk or purpose? Enron, WorldCom, Global Crossing? Heck, what’s the big deal? When a big corporation goes under, those with connections get tipped off long before Joe Shmoe and his pet portfolio. If a Bush loses liquidity, friends will come running, checkbooks open, as they did for George W. to pay for his string of failed Texas investments. Besides, the family trust fund is where the “real” money is kept.

The Bushes are, as a matter of breeding, terminally irresponsible. And while being a loose cannon can sometimes be useful in making war, it is stability and pragmatism that breed prosperity.

The Bushes’ contempt for government regulation of capitalism has allowed corporate piracy to drive the nation toward financial ruin. The American public now stares in disbelief as our infamous boom-Bush cycle wreaks havoc on its retirement plans and endangers its jobs. Meanwhile, yet another President George seeks to distract us with patriotic-sounding gibberish.

“I believe people have taken a step back and asked, ‘What’s important in life?'” said the President two weeks ago in Minneapolis. “You know, the bottom line and this corporate America stuff–is that important? Or is serving your neighbor, loving your neighbor like you’d like to be loved yourself?”

Consider the deep cynicism of that statement from a President who spent most of his adult life milking that “corporate America stuff” for all it was worth, just as his super-rich ancestors had always done.

Diffident in the face of the traumas of ordinary Americans, George W., like his father before him, will make the times extraordinary. War against Iraq is the President’s much-planned-for answer if the oft-rumored “economic recovery” doesn’t sustain his popularity.

That’s what all this talk of Al Qaeda sleeper cells, homeland security and knocking off Saddam Hussein is about: a backdrop for the theater of war, a necessary distraction to a set of domestic policies that has failed miserably. The massive tax cut brought us nothing but soaring national debt, Alan Greenspan has been revealed as an impotent Wizard of Oz and the Republican magic bullet of monetarism has proved a bust.

But while the end of Hussein’s tyranny would certainly be a cause for cheers, the harsh truth is that the most exhaustive investigation in human history hasn’t found a single credible thread connecting him with our current troubles.

In fact, if we are honest, the closest we can come to an identifiable foreign enemy is Saudi Arabia, where the Bushes love to do business and from whence the men and money came to destroy the World Trade Center.

The President should heed the call of Richard Grasso, chairman of the New York Stock Exchange, who said on Sunday, “We’ve got to wage a war against terrorism in the boardroom, against misleading investors.” But to wage that fight, Bush would have to get rid of the corporate hustlers who dominate economic policy in his Administration.

So get out the yellow ribbons and cheer those fireworks over Baghdad.

After all, a victory party might take some of the sting off the fact that your hard-earned retirement chest is nothing but a wistful memory.

Disobey authoritarians, support The Nation

Over the past year you’ve read Nation writers like Elie Mystal, Kaveh Akbar, John Nichols, Joan Walsh, Bryce Covert, Dave Zirin, Jeet Heer, Michael T. Klare, Katha Pollitt, Amy Littlefield, Gregg Gonsalves, and Sasha Abramsky take on the Trump family’s corruption, set the record straight about Robert F. Kennedy Jr.’s catastrophic Make America Healthy Again movement, survey the fallout and human cost of the DOGE wrecking ball, anticipate the Supreme Court’s dangerous antidemocratic rulings, and amplify successful tactics of resistance on the streets and in Congress.

We publish these stories because when members of our communities are being abducted, household debt is climbing, and AI data centers are causing water and electricity shortages, we have a duty as journalists to do all we can to inform the public.

In 2026, our aim is to do more than ever before—but we need your support to make that happen. 

Through December 31, a generous donor will match all donations up to $75,000. That means that your contribution will be doubled, dollar for dollar. If we hit the full match, we’ll be starting 2026 with $150,000 to invest in the stories that impact real people’s lives—the kinds of stories that billionaire-owned, corporate-backed outlets aren’t covering. 

With your support, our team will publish major stories that the president and his allies won’t want you to read. We’ll cover the emerging military-tech industrial complex and matters of war, peace, and surveillance, as well as the affordability crisis, hunger, housing, healthcare, the environment, attacks on reproductive rights, and much more. At the same time, we’ll imagine alternatives to Trumpian rule and uplift efforts to create a better world, here and now. 

While your gift has twice the impact, I’m asking you to support The Nation with a donation today. You’ll empower the journalists, editors, and fact-checkers best equipped to hold this authoritarian administration to account. 

I hope you won’t miss this moment—donate to The Nation today.

Onward,

Katrina vanden Heuvel 

Editor and publisher, The Nation

Ad Policy
x