The economic policy of the George W. Bush administration was a combination of tax cuts, expenditures for fighting two wars, and a free-market ideology intended to de-emphasize the role of government in the private sector. He advocated the ownership society, premised on the concepts of individual accountability, less government, and the owning of property.
During his first term (2001–2005), he sought and obtained Congressional approval for tax cuts: the Economic Growth and Tax Relief Reconciliation Act of 2001, the Job Creation and Worker Assistance Act of 2002 and the Jobs and Growth Tax Relief Reconciliation Act of 2003. These acts decreased all tax rates, reduced the capital gains tax, increased the child tax credit and eliminated the so-called "marriage penalty", and were set to expire in 2011.
The last two years of his presidency were characterized by the worsening subprime mortgage crisis, which resulted in government intervention to bail out damaged financial institutions and a weakening economy.
The U.S. national debt grew significantly from 2001 to 2008, both in dollar terms and relative to the size of the economy (GDP), due to a combination of tax cuts and wars in both Afghanistan and Iraq. Budgeted spending under President Bush averaged 19.9% of GDP, similar to his predecessor President Bill Clinton, although tax receipts were lower at 17.9% versus 19.1%.
Read more about Economic Policy Of The George W. Bush Administration: Fiscal Policy, Effect of Policies On Federal Budget Deficit and National Debt, Trade Policy, Efforts To Reform Social Security, Regulatory Philosophy, 2008 Economic Crisis and Recession, Income Inequality
Famous quotes containing the words economic, policy, george and/or bush:
“According to our social pyramid, all men who feel displaced racially, culturally, and/or because of economic hardships will turn on those whom they feel they can order and humiliate, usually women, children, and animals—just as they have been ordered and humiliated by those privileged few who are in power. However, this definition does not explain why there are privileged men who behave this way toward women.”
—Ana Castillo (b. 1953)
“War is regarded as nothing but the continuation of state policy with other means.”
—Karl Von Clausewitz (1780–1831)
“The stern hand of fate has scourged us to an elevation where we can see the great everlasting things which matter for a nation—the great peaks we had forgotten, of Honour, Duty, Patriotism, and, clad in glittering white, the great pinnacle of Sacrifice pointing like a rugged finger to Heaven.”
—David Lloyd George (1863–1945)
“The personal things should be left out of platforms at conventions .... You can argue yourself blue in the face, and you’re not going to change each other’s minds. It’s a waste of your time and my time.”
—Barbara Bush (b. 1925)