All kinds of political agendas are advancing under the cover of response to the global financial crisis. Where Franklin Roosevelt saved capitalism by regulating it, Bush, to say nothing of Obama, has given the government control over our major financial and insurance institutions. And it isn't even our government! The power has now been transferred to the international community, led by the socialists in the European Union.
Will Obama govern from the left? He doesn't have to. George W. Bush has done all the heavy lifting for him. It was under Bush that the government basically took over as the chief stockholder of our financial institutions and under Bush that we ceded our financial controls to the European Union. In doing so, he has done nothing to preserve what differentiates the vibrant American economy from those dying economies in Europe. Why have 80 percent of the jobs that have been created since 1980 in the industrialized world been created in the United States? How has America managed to retain its leading 24 percent share of global manufacturing even in the face of the Chinese surge? How has the U.S. GDP risen so high that it essentially equals that of the European Union, which has 50 percent more population? It has done so by an absence of stifling regulation, a liberation of capital to flow to innovative businesses, low taxes, and by a low level of unionization that has given business the flexibility to grow and prosper. Europe, stagnated by taxation and regulation, has grown by a pittance while we have roared ahead. But now Bush -- not Obama -- Bush has given that all up and caved in to European socialists.
The Bush legacy? European socialism. Who needs enemies with friends like Bush?
Dick Morris and Eileen McGann
Dick Morris, a former political adviser to Sen. Trent Lott (R-Miss.) and President Bill Clinton, is the author of
2010: Take Back America. To get all of Dick Morris’s and Eileen McGann’s columns for free by email, go to
www.dickmorris.com