The Truth About Jeb Bush And Florida
The Market Ticker - Commentary on The Capital Markets
Logging in or registering will improve your experience here
Main Navigation
Full-Text Search & Archives
Legal Disclaimer

The content on this site is provided without any warranty, express or implied. All opinions expressed on this site are those of the author and may contain errors or omissions. For investment, legal or other professional advice specific to your situation contact a licensed professional in your jurisdiction.


The author may have a position in any company or security mentioned herein. Actions you undertake as a consequence of any analysis, opinion or advertisement on this site are your sole responsibility.

Market charts, when present, used with permission of TD Ameritrade/ThinkOrSwim Inc. Neither TD Ameritrade or ThinkOrSwim have reviewed, approved or disapproved any content herein.

The Market Ticker content may be sent unmodified to lawmakers via print or electronic means or excerpted online for non-commercial purposes provided full attribution is given and the original article source is linked to. Please contact Karl Denninger for reprint permission in other media, to republish full articles, or for any commercial use (which includes any site where advertising is displayed.)

Submissions or tips on matters of economic or political interest may be sent "over the transom" to The Editor at any time. To be considered for publication your submission must include full and correct contact information and be related to an economic or political matter of the day. All submissions become the property of The Market Ticker.

Considering sending spam? Read this first.

2016-02-14 13:58 by Karl Denninger
in Politics , 1021 references Ignore this thread
The Truth About Jeb Bush And Florida*

OK folks, time for some truth.

Jeb claims he was a budget hawk and "cut spending" during his time in office from 1999 to 2007.


Your definition of "cut" must different than mine Jeb:

 by tickerguy

Incidentally the population of Florida went from 15.76 million to 18.53 million during that time period, or an increase of 18% -- far less than spending increased.

If you want to know why Trump was outright calling Jeb a liar on stage there it is, in numbers.  Jeb is a liar and this sort of crap ought to lead to him being charged and imprisoned for attempted fraud upon the public.

He didn't shrink state spending he basically doubled it.

Now Jeb claims he had a 4.4% economic growth rate.  However, government spending went up at roughly 7%, as anyone with basic knowledge of the Rule of 72 knows is the rate that gets you a doubling in 10 years.

In other words he grew government at a rate almost twice that of the alleged economy, and what's even worse is that he financed a huge part of that on the back of the common Floridian with the housing bubble that blew up right after he left office.

Even the Wall Street Journal admitted to this in July of 2015.

In addition the state's debt went from $15 -> $23 billion, and annual interest payments nearly doubled from $900 million to $1.7 billion.  (Source: Miami Herald)

I lived here the entire time, incidentally.  Jeb's claim that the economy was "booming" was a load of crap.  What we saw during that time was ramping fees and costs, which have not abated (e.g. MidBay Bridge anyone?), massive spending increases and crazy, unconscionable acts by local and county officials (including but not limited to school boards) to try to cover up what they had done -- such as our local system that tried to get the people to pay twice for roof and refrigerator replacements in the schools.  (See, they had not bothered with a sinking fund from tax receipts, so when the inevitable end-of-life came they tried to sucker the people into accepting a sales tax override.  We told them to go screw a goat, and justly so.)

To finance all of this the state encourage and looked the other way while the housing bubble doubled prices on houses, which of course came with ramping real estate taxes -- and all of those houses were built with illegal immigrant labor that paid no taxes and broke the law, yet Jeb's "regulators" in the licensing of said contractors did exactly zero to pull the licenses of all of those builders.

Jeb Bush deserves prison, not the nomination.

Trump was telling the truth last night.  Jeb, on the other hand, was lying through his teeth.

I was here and witnessed all of it, from start to finish, and in any event the math is what it is.

View with responses (opens new window)