Why has the Bush economy been so lousy?

Paul Krugman, a columnist for the New York Times, is a national treasure. Hunt down his columns, read his books, if you haven't already. No other individual will give you a better understanding of the economy. There is one condition though: you have to withstand a healthy amount of Bush-bashing. This is an entry from his blog (which I never knew he had, I will add it to my favorites) in which he asks why this economy is so different from the 90's (Clinton) economy. And he has a surprising observation: that Bush may not have as much to do with it as anyone who hates the man would assume. With the rise of China as a world power, and their pursuit of scarce supplies of oil, has come poorer times for most of us. Of course, it is not as simple as that. The economy is a massive beast, the likes of which even Mr. Krugman himself could never really understand. But it is an interesting observation, nonetheless.