The Real Cost of The Bush Presidency

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Joe Stiglitz calculates the real costs of the Bush presidency by calculating the direct and indirect financial costs, which were financed by debt instead of by taxes, as well as the social costs and the reduction in the moral position of the US in the rest of the world. He also argues that the wars in the Mid East led to higher oil prices which led to lower economic growth and which caused the Fed to lower interest rates in order to stimulate the housing boom that eventually led to the financial crisis.