Book Review: Bullish on Bush
How George W. Bush’s Ownership Society Will Make America Stronger
By: Stephen Moore – President, The Club for Growth
George W. Bush’s second term has many economic conservatives salivating. The prospect of real Social Security and tax reform that has eluded conservatives in the past is now feasible with the re-election of President Bush and Republican gains in the House and Senate. In Bullish on Bush, the President of the Club for Growth, Stephen Moore, provides a comprehensive analysis of what George W. Bush has described as the American ownership society. Moore outlines and explains what the pillars of this ownership society would be, for example private Social Security accounts and a flatter income tax, and how Congress can successfully turn America into a true ownership society. Moore also gives the reader easy to understand explanations of supply-side economics and uses a variety of charts and grafts to emphasize his points.
The first half of his book analyzes George W. Bush’s three tax cuts in his first term. He takes the reader through a step-by-step analysis of the effects the tax cuts have had on the American economy. For instance, Moore presents the dividend tax cut as the “jewel of Bush’s tax program” and uses charts and graphs to prove what all supply-sider economic believers already know: that when you tax more of something, you get less of it; and when you tax something less you get more of it. By lowering the effective tax on dividends Bush enticed companies to pay more cash dividends to their shareholders. In 2003 cash dividend payments to shareholders increased by $40 billion over 2002 payments, and 2004 dividend payments rose by about $80 billion over 2002 levels. Moore also makes clear that all of these tax cuts have lead to increased tax revenues for the federal government, proving once again the effectiveness of supply-side economics.
Moore then goes on to detail the massive problems our Social Security system will soon face and presents private social security accounts as the long term solution to massive Social Security deficits. Moore, while supporting Bush’s tax policy, takes the President and congressional Republicans to task (and rightfully so) for massive spending increases on their watch. Citing the 2002 farm bill that increased farm subsidies by billions of dollars and the budget busting Medicare prescription drug bill as examples of Republicans abandoning their small government principles, Moore warns that unless the federal spending is brought under control America will drown in a sea of entitlement spending.
The final chapter of Bullish on Bush is full of optimism about the future of the world. Moore points out that around the world totalitarian governments are falling, political freedom is expanding and “the free market is winning out over central planning.” He is also encouraged that a re-elected President Bush may finally start to turn American into an ownership society. Moore and most conservatives concede that the ownership society agenda for George W. Bush’s second term is audacious and even revolutionary, but if Bush’s pro-growth reforms are enacted, Moore believes that these policies will have a greater and longer lasting impact than the New Deal reforms of FDR. After half a century of economic liberalism, George W. Bush and the Republican Party may finally answer the prayers of economic conservatives like Moore by giving all Americans a chance to own their own piece of America.
Any comments or questions can be received at whyyouareaconservative@gmail.com
~ The Conservative Guy
By: Stephen Moore – President, The Club for Growth
George W. Bush’s second term has many economic conservatives salivating. The prospect of real Social Security and tax reform that has eluded conservatives in the past is now feasible with the re-election of President Bush and Republican gains in the House and Senate. In Bullish on Bush, the President of the Club for Growth, Stephen Moore, provides a comprehensive analysis of what George W. Bush has described as the American ownership society. Moore outlines and explains what the pillars of this ownership society would be, for example private Social Security accounts and a flatter income tax, and how Congress can successfully turn America into a true ownership society. Moore also gives the reader easy to understand explanations of supply-side economics and uses a variety of charts and grafts to emphasize his points.
The first half of his book analyzes George W. Bush’s three tax cuts in his first term. He takes the reader through a step-by-step analysis of the effects the tax cuts have had on the American economy. For instance, Moore presents the dividend tax cut as the “jewel of Bush’s tax program” and uses charts and graphs to prove what all supply-sider economic believers already know: that when you tax more of something, you get less of it; and when you tax something less you get more of it. By lowering the effective tax on dividends Bush enticed companies to pay more cash dividends to their shareholders. In 2003 cash dividend payments to shareholders increased by $40 billion over 2002 payments, and 2004 dividend payments rose by about $80 billion over 2002 levels. Moore also makes clear that all of these tax cuts have lead to increased tax revenues for the federal government, proving once again the effectiveness of supply-side economics.
Moore then goes on to detail the massive problems our Social Security system will soon face and presents private social security accounts as the long term solution to massive Social Security deficits. Moore, while supporting Bush’s tax policy, takes the President and congressional Republicans to task (and rightfully so) for massive spending increases on their watch. Citing the 2002 farm bill that increased farm subsidies by billions of dollars and the budget busting Medicare prescription drug bill as examples of Republicans abandoning their small government principles, Moore warns that unless the federal spending is brought under control America will drown in a sea of entitlement spending.
The final chapter of Bullish on Bush is full of optimism about the future of the world. Moore points out that around the world totalitarian governments are falling, political freedom is expanding and “the free market is winning out over central planning.” He is also encouraged that a re-elected President Bush may finally start to turn American into an ownership society. Moore and most conservatives concede that the ownership society agenda for George W. Bush’s second term is audacious and even revolutionary, but if Bush’s pro-growth reforms are enacted, Moore believes that these policies will have a greater and longer lasting impact than the New Deal reforms of FDR. After half a century of economic liberalism, George W. Bush and the Republican Party may finally answer the prayers of economic conservatives like Moore by giving all Americans a chance to own their own piece of America.
Any comments or questions can be received at whyyouareaconservative@gmail.com
~ The Conservative Guy
posted by The Conservative Guy at
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