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:
“I favor the policy of economy, not because I wish to save money, but because I wish to save people. The men and women of this country who toil are the ones who bear the cost of the Government. Every dollar that we carelessly waste means that their life will be so much the more meager. Every dollar that we prudently save means that their life will be so much the more abundant. Economy is idealism in its most practical terms.”
—Calvin Coolidge (1872–1933)
“Everyone is always in favour of general economy and particular expenditure.”
—Anthony, Sir Eden (1897–1977)
“Wise men read very sharply all your private history in your look and gait and behavior. The whole economy of nature is bent on expression. The tell-tale body is all tongues. Men are like Geneva watches with crystal faces which expose the whole movement.”
—Ralph Waldo Emerson (1803–1882)