48 hours and counting

The Economist sums up the highs and lows of the Bush admin. Mostly lows. Its a long article but worth reading. Excerpt from the conclusion:

Finally, Mr Bush also demonstrated the limits of capitalist triumphalism. The Bush administration was as business-friendly as any in American history: Mr Bush was the first president with an MBA (from Harvard) and he appointed four CEOs to his cabinet, more than any previous president. The administration was also wedded to the fundamental tenets of Reaganomics: cut taxes and free the supply side and everything else will take care of itself. Mr Cheney even argued explicitly that “Reagan taught us that deficits don’t matter.”

Mr Bush now leaves behind a tax system in some ways less efficient than the one he inherited, in need of annual patches, and unable to fund the government even in good times. He also leaves behind a broken budget process. Any economic triumphalism is long gone. Many of the CEOs, most notably Donald Rumsfeld and Paul O’Neill, proved to be dismal administrators. Reaganomics helped to produce a giant deficit. The financial crisis has made re-regulation rather than deregulation the mantra in Washington, while government has acquired a much bigger role in the economy through its backing of banks and car companies.