Jeb Bush on Budget & Economy Former Republican FL Governor

Florida thrived under my leadership

TRUMP: Florida, he put so much debt on Florida. He put so much debt on Florida, and he increased spending so much that as soon as he got out of office, Florida crashed. I happened to be there. It's my second home. He didn't do a good job as governor. He loaded it up with debt, and his spending went through the roof. He was not a good governor.

BUSH: Here's the record. We led the nation in job growth seven out of eight years. When I left there was $9 billion of reserves, 35% of general revenue. No state came close to that. During my time, we were one of the two states to go to AAA bond rating. Personal income during my time went up by 4.4 percent.

Dodd-Frank increased costs of community banking

Don't accept new norm of 2% growth; strategize for 4%

2% growth hurts the middle class

They called me "Veto Corleone" because I vetoed so much

BUSH: Absolutely, I do, and I'm gonna run hard, run with heart, and run to win. I'm gonna have to earn this. Maybe the bar's even higher for me. That's fine. I've got a record in Florida. I'm proud of my dad, and I'm certainly proud of my brother. In Florida, they called me Jeb, because I earned it. I cut taxes every year, totaling $19 billion. We balanced every budget. They called me Veto Corleone, because I vetoed 2,500 separate line-items in the budget. I am my own man. I governed as a conservative, and I governed effectively. And we left the state better off because I applied conservative principles in a purple state the right way

We've achieved 4% growth 27 times; I will make it 28

BUSH: We've done it 27 times since World War II. I think we need to lift our spirits and have high, lofty expectations for this great country of ours. The new normal of 2% that the left is saying you can't do anything about is so dangerous for our country. There's 6 million people living in poverty today, more than when Barack Obama got elected. 6.5 million people are working part-time, most of whom want to work full-time. We've created rules and taxes on top of every aspiration of people, and the net result is we're not growing fast, income is not growing. A 4% growth strategy means you fix a convoluted tax code. You get in and you change every aspect of regulations that are job killers. You get rid of ObamaCare.

6-year recovery has been slower than other comebacks

"The central question we face here in Detroit and across America is this: Can we restore that dream--that moral promise--that each generation can do better?" Bush outlined what he called a set of principles embracing "reform everywhere, especially in our government," giving more power to the states to solve problems and relying less on directives from the federal government.

$787B economic plan: whole lot of spending & not stimulative

The Obama stimulus plan didn't fit their theory of what government should do at a time of economic crisis, which seemed to add up to nothing at all. The unfettered market was supposed to solve everything.

Stimulus more related to liberal agenda than stimulus

"There's one thing that he has done that I just find unforgiveable. He is the only statewide political leader that I'm aware of, that embraced the stimulus package when Republicans were fighting to suggest an alternative."

Now, I do believe that some things in life are unforgiveable But accepting money from Washington to save jobs of teachers, police officers, and firefighters and help revive our economy? No, that's not one of them. Besides, almost every governor ended up taking some or all of the money. I was just the only Republican who was so up-front about it.

Jeb kept pounding on the stimulus, which he termed "a massive spending bill that is not related to stimulus. It is related to trying to carry out a liberal agenda."

Bipartisan compromise to reduce the deficit significantly

Hence, in evaluating Jeb's prescriptions for fiscal responsibility, today's Republicans should recall the Bushes' past political palm reading. While Jeb's prescriptions are in the party's long-term interest, they will be difficult to execute, given the strength of the party's coalition members.

Can Jeb sway a resistant party base? It's quite possible: His family's odyssey has reflected the party's shifts for 50 years, and he's uniquely positioned to convince his peers.

Mortgage bankers got us into this mess; they should solve it

"The problem that got us into this mess was the real estate problem, but there is very little going on to solve the real estate problems," he said. "Who better to advocate a policy to get us out of this mess? Why not defend your positions in the marketplace of ideas? Business has gotten way too timid. The natural inclination is to cower. I would encourage you to stand up."

Florida budget grew by 27% during Bush's terms

The Bush tax strategies facilitated his "starve the beast" spending policy and gave him an opportunity to make the kinds of choices in funding state government that he desired.

Bank bailouts were needed to avoid financial unraveling

A: I don't know. Maybe if he had opposed the bailout based on some actual principles he could express, that would have shown leadership.

Q: You have defended the early bailouts, those implemented by your brother?

A: If there wasn't any support, given the intricate nature of all these credit-default swaps, you could have had an unraveling of the financial system. So I'm not sure there was another choice. There may have been a different means of doing it.

OpEd: 1990 S&L bailout included $4M to Jeb

Broward , having made a number of these sweetheart loans, collapsed in the national savings and loan crisis. Federal regulators negotiated a deal that Jeb and Codina keep the building by closing out the $4.6 million Broward liability for a mere $505,000. The two partners had to pay $1.3 million in income tax on the forgiven loan.

The question here is not whether Jeb turned a profit. The question is the 7-figure contribution that US taxpayers made to Jeb's net worth. How do we know there was a 7-figure contribution? Because Jeb and Codina paid $1.3 million in income tax on it. Asked if they were aware that the funds for the repayment of the Broward loans came from the taxpayers, Jeb phrased it, "Helllllll, no. Absolutely not."

1988: Lost $4M in taxpayer bailout of failed Savings & Loan

Supports constitutional balanced budget amendment

A: Yes

Q: Do you support providing immunity from civil liability to persons who are participating in the process of government?

A: No.

Bankruptcy reform: limit Chapter 7; protect states' role.

The Governors are particularly concerned that bankruptcy reform legislation address the following issues:
1. Prevent Chapter 7 Use by Those with the Ability to Pay: Present bankruptcy law does not prevent use of Chapter 7 by those with ability to repay, nor does it require that debtors use Chapter 13, which would require them to repay creditors what the debtor can afford. The Governors strongly support federal efforts to prevent debtors from using Chapter 7 when they are financially able to pay some or all of their unsecured debts.
2. Encourage Payment of Domestic Support Obligations: Bankruptcy interferes significantly with states’ ability to assist citizens owed domestic support and to collect unpaid domestic support owed them. The Governors strongly encourage Congress to ensure that any federal bankruptcy reform requires that domestic support obligations have the highest possible repayment priority, that all domestic support obligations be nondischargeable, and that commencement of bankruptcy not prevent the continued collection of child and other support obligations.
3. Give State Claims Parity with Federal Claims in Bankruptcy: Today, bankruptcy rightly gives certain preferences in payment to federal claims against the bankruptcy estate, but similar treatment is not always accorded state claims. The Governors strongly support congressional efforts to reform the treatment of state claims in bankruptcy to provide parity of treatment with federal claims.
4. Protect the State Role: The Governors oppose efforts to preempt state authority to determine exemptions under state bankruptcy law. Currently, debtors have a right to choose between federal and state exemptions. The Governors support efforts to shape bankruptcy reform policy that protects the rights of states to determine their own standards instead of having uniform federal regulations imposed without regard for individual state needs.

Uphold commitments to states before other spending.

The Issue

NGA’s Position