The Bush years will be remembered for many things, but above all they represent a lost decade during which American economic might was squandered. The wealth that was generated during the first decade of the millennium was essentially illusory; except for some advances in computing and electronics technology, increases in the value of assets were strictly on paper, based on speculation and, as we’ve discovered, Ponzi schemes.
It didn’t have to be this way. Our current problems are the result of specific policy decisions made by the Bush Administration, and a public that let them get away with it.
The Administration’s all out disregard for scientific inquiry is legendary, and particularly damaging in the areas of stem cell research and energy technology. Some on the right argue that no major advances have come from embryonic stem cell research, and that if anything, Bush’s refusal to allow federal funding has led to advances in the less morally problematic realm of adult stem cells. This is wrong. With a federal moratorium in place for eight years, we have no real idea how much stem cell research may have been retarded. Many of the world’s top scientists in biotechnology have moved to other countries, and many competitor nations have used the past decade to catch or surpass us in this critical 21st century technology.
In addition, by deciding to make it harder to obtain student and work visas, the Bush Administration has significantly decreased the number of top students and researchers who come to the U.S. to study and work. At a time when America should have increased its outreach, we made the world’s best and brightest feel unwanted and unwelcome.
On the energy front, Bush’s reversal of his campaign promise to regulate carbon dioxide (and his all-out efforts to block states from doing so on their own) has led to another decade in which American dependence on Mideast oil has increased. As a result we continued our direct financial support of terrorist-sponsoring states, and lost precious time to confront climate change. China is now the leading solar panel producer in the world; while Silicon Valley is finally beginning to invest in green technology, a tremendous opportunity for America to take the lead in energy innovation was wasted.
The state of America’s infrastructure is appalling by industrialized standards, as anyone who drives on our major highways or visits our airports can attest. It will take many years and hundreds of billions of dollars just to make repairs, let alone major improvements.
The costs of education and health care have far outstripped the nominal increase in wages over the past decade. This has hampered productivity because many workers stay in jobs solely for the healthcare benefits, and many businesses are hiring fewer workers because of the burden of healthcare premiums. Many younger Americans are being dissuaded from pursuing advanced degrees at just the time when the premium on education is getting even higher. There is simply no way America can remain a major economic power if education participation rates continue to slip relative to other major powers.
The bottom line: in too many important ways, America is a poorer place than it was in 2000.
Fortunately, in only a little over two months, Obama has begun to put in place policies that will not only help us dig our way out of the mess we’ve made, but rebuild our human and physical capital for the long-term.
We’ve lost a lot of time, and it may take at least a year or two to get unemployment down to a reasonable level and growth rates up to a modest 2-3 percent. At least we’re now pointing in the right direction, away from the policies of Bush’s lost decade.
Jason Scorse