No, Virginia, George W. Bush was not a deregulator
As much as we on the right appreciate the leadership the immediate past president showed in standing up to the threat of international terrorism — as well as the good will he showed to his ideological adversaries, we, well most of us at least, never much cared for his overall domestic policy. To be sure, we appreciated his efforts to reform Social Security, but wondered why he didn’t do more to contain the growth of the federal government and limit the scope of its regulatory power.
During the market melt-down of 2008, Democrats faulted the then-president’s deregulatory policies for causing the crisis. Only problem was that they failed to identify the specific deregulations, basing the argument not on actual facts of their administration, but culling them instead from their standard list of talking points.
As I wrote over two years ago in a post asking critics to the specific Bush-era regulations responsible for the financial meltdown (none did),
Even Obama-supporting columnist Sebastian Mallaby wrote, during last fall’s campaign, that the “claim that the financial crisis reflects Bush-McCain deregulation is not only nonsense. It is the sort of nonsense that could matter.”
If anything, W was a re-regulator, having signed the costly Sarbanes-Oxley Act increasing regulation of public companies in 2002. And today, David Hogberg reminds us yet again of George W. Bush’s very regulatory policies, excerpting a letter signed by, among others, former U.S. Senator Blanche Lincoln, an Arkansas Democrat.
That missive, released by the National Federation of Independent Businesses “calls on President Obama to cut back on government regulation“:
Since 2005, there has been a 60 percent increase in the number of federal regulations defined as “economically significant” — each costing the economy $100 million or more. Today there are 4,257 regulations in the pipeline with 845 directly impacting small businesses.
Since 2005? Um, wasn’t that the first year of George W. Bush’s second term? (more…)







