President Bush's magic bullet for the US economy was tax cuts. He gave them to the richest in society, because as his advisers tell him, they're the people you need to look after.
And what's the next effect? US labour productivity growth has fallen behind that of the EU and Japan.
This was, of course, inevitable. Those who advise Bush believe in the Laffer curve. But there's no evidence that such a curve exists, let alone that it works. All credible academics have dismissed it as a basis for policy making.
Which means Bush gave the richest in America a tax cut to ensure that they got relatively richer at the expense of the economy of the whole. That's the politics of greed.
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I’m a tax accountant in Japan. I think that it has a difference of policy between president Bush and Liberal Democratic Party of Japan. President Bush is strongly on the side of rich people. On the other hand, LDP in Japan is also on the side of rich people but they don’t push strongly their policy for rich people like tax cuts.