|Page 2 of 2 <|
In memoir, Bush says he considered dropping Cheney from 2004 ticket
But he rejects accusations, which he said have come for years from both Democrats and Republicans, that he "squandered" the budget surplus left to him by his Democratic predecessor, Bill Clinton, when he took office in 2001.
"That never made sense. Much of the surplus was an illusion, based on the mistaken assumption that the 1990s boom would continue. Once the recession and 9/11 hit, there was little surplus left," Bush writes.
He also defends the bank bailout program that he began and Obama continued, the Troubled Assets Relief Program, which experts credit with saving the nation's financial system from collapse in late 2008. Many conservatives call the program a waste of taxpayer money.
"TARP sent an unmistakable signal that we would not let the American financial system fail," he writes.
His advice on getting the U.S. economy back to solid job creation: Cut government spending, address the unfunded liabilities of Social Security and Medicare, and create the conditions for the private sector, especially small businesses, to generate new jobs.
While a debate continues about whether to extend Bush-era tax cuts, Bush had this advice:
"The financial crisis should not become an excuse to raise taxes, which would only undermine the economic growth required to regain our strength."
While avoiding a lot of score-settling typical of Washington memoirs, Bush singles out Senate Majority Leader Harry M. Reid (D-Nev.) for opposing his 2007 troop increase in Iraq.
"It was one of the most irresponsible acts I witnessed in my eight years in Washington," he writes.
The book, to be officially released on Nov. 9, describes a youthful reliance on alcohol, a drunken escapade at a Willie Nelson concert and a boozy question to a woman at a dinner with his parents: "So what is sex like after 50?"
Years later when he turned 50, the woman returned the favor with a note: "Well, George, how is it?"
Bush quit drinking in 1986 at age 40, found religion and his career took off.
Bush, blamed by many Americans for a bungled response to Hurricane Katrina in 2005, said his initial mistake was failing to communicate his concern for the storm's victims, many of whom were black.
He said he should not have done an Air Force One flyover of New Orleans while much of the city was under water.
Accusations from critics that he was a racist because of the response to Katrina "was the worst moment of my presidency. I feel the same way today," he wrote.