Economy
According to the National Bureau of Economic Research, the economy suffered from a recession that lasted from March 2001 to November 2001. During the Bush Administration, Real GDP has grown at an average annual rate of 2.5%.
Inflation under Bush has remained near historic lows at about 2-3% per year. The recession and a drop in some prices led to concern about deflation from mid-2001 to late-2003. More recently, high oil prices have caused concern about increasing inflation.
Long-term problems include inadequate investment in economic infrastructure, rapidly rising medical and pension costs of an aging population, sizable trade and budget deficits. Under the Bush administration, productivity has grown by an average of 3.76% per year, the highest such average in ten years.
While the GDP recovered from a recession that some claim Bush inherited from the previous administration, poverty has since worsened according to the Census Bureau. The percentage of the population below the poverty level increased in each of Bush's first four years, while it decreased for each of the prior seven years to an 11-year low. Although the poverty level increased the increase was still lower from 2000 to 2002 than it was from 1992 to 1997, which reached a peak of 39.3% in 1993. In 2002 the poverty rate was 34.6% which was almost equal to the rate in 1998, which was 34.5%. Poverty was at 12.7% in 2004.
Read more about this topic: Domestic Policy Of The George W. Bush Administration
Famous quotes containing the word economy:
“The aim of the laborer should be, not to get his living, to get “a good job,” but to perform well a certain work; and, even in a pecuniary sense, it would be economy for a town to pay its laborers so well that they would not feel that they were working for low ends, as for a livelihood merely, but for scientific, or even moral ends. Do not hire a man who does your work for money, but him who does it for love of it.”
—Henry David Thoreau (1817–1862)
“It enhances our sense of the grand security and serenity of nature to observe the still undisturbed economy and content of the fishes of this century, their happiness a regular fruit of the summer.”
—Henry David Thoreau (1817–1862)
“The basis of political economy is non-interference. The only safe rule is found in the self-adjusting meter of demand and supply. Do not legislate. Meddle, and you snap the sinews with your sumptuary laws.”
—Ralph Waldo Emerson (1803–1882)