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Bush's Legacy

From 2002-2004 the median net worth of Americans rose 25.8% nationwide, doubling for minorities, but net worth jumped 76.7% for women. (CFED report) Not only did President Bush free the women of Afghanistan and Iraq, he was good for American women. The subprime mess has changed many of those figures, I'm sure, since they included real estate assets. Many low income people were encouraged to buy into "the American dream," when they would have been better off renting. Still, many didn't lose anything because they didn't build equity--but the damage to their neighbors is awful, and that will show in the next report--perhaps for many years. Because of the housing slump and home values, you'll be hearing a steady drum beat from the candidates about the fragility of the poor and the awful Bush years. (Although we heard it in 2004 until the day after the election.)

In 1997 the federal government started a big program with three mandated summits to insure that Americans start saving more for retirement. The boomers are starting to retire, and if they didn't do anything proactive 25 or 30 years ago, I'm not sure even a government summit will help. We all know what happened to Bush's plan to save Social Security--not even Republicans supported him, joining with Democrats to make sure nothing got privatized.

[From the 2002 SAVERS Summit] 90% of people over 65 receive Social Security, and it is 38% of their income; 41% have retirement plans which are 18% of their income. That leaves a lot dependent on savings and investments, and 59% of seniors have that. Another 22% of over 65 year olds are still in the labor force.

Americans United for Change, a liberal lobbyist group (change seems to be the word of the moment) plans a year long campaign ($8.5 million) to besmirch Bush's record so he can leave office without claiming a legacy. Story. Since Clinton couldn't earn one (he's trying again), Bush's has to be taken away. Everything's about the gap and envy, isn't it? They are raising funds to do this. Even if I hated Bush, I think I'd want my money to go into something a bit more productive. But then, I'm not a rich Democrat.