WSJ Evaluates Bush

Krugman:

So, there’s a WSJ editorial on the Bush economy, which just cries out for a capsule summary.

Shorter WSJ I: Everything good that happened during the Bush years was due to Bush; everything bad was due to Alan Greenspan, who fostered the housing bubble whose existence we and our friends denied again and again.

Shorter WSJ II: The decline in the unemployment rate in the middle Bush years, after Bush cut taxes, proves that tax cuts work — and had nothing to do with the housing bubble. The much larger, much more sustained decline in unemployment through the whole Clinton administration, which followed a tax increase, proves that tax increases are a terrible thing. Honest!

Shorter WSJ III: Fannie and Freddie! And did we mention Alan Greenspan?

Shorter WSJ IV: Who you gonna believe, us or your lying eyes?