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WaPo: The housing bubble and Jeb Bush's economic record as governor

From the Washington Post:

Jeb Bush is boasting about his economic success as governor. But he owes a large amount of that success -- well more than half, at least -- to the housing bubble that popped as he was leaving office, leaving Florida in deep and prolonged recession.

Bush is officially running for president, and he's leading with his record as governor of Florida. In his kick-off speech Monday in Miami, he promised the U.S. economy would grow 4 percent per year if he is elected, creating 19 million jobs - "growth," he said, "that lifts up the middle class."

He touted his gubernatorial tenure as proof. "It’s possible," he said. "It can be done. We made Florida number one in job creation and number one in small business creation. 1.3 million new jobs, 4.4 percent growth, higher family income, eight balanced budgets, and tax cuts eight years in a row."

Those stats are, indeed, something to brag about. They're also missing a huge caveat, as many Bush critics immediately noted: A significant amount of Florida's economic and job growth in the Bush era was driven by a massive run-up in housing prices -- which peaked in Bush's last year in office, then plunged the state into a worse recession than the nation as a whole.

More here.

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