Fiscal Policy
During the George W. Bush administration, the federal government spending was increased from $1789 billion to $2983 billion (70%) but the revenues were only increased from $2025 billion to $2524 billion (25%). Individual income tax revenues were increased by 14%, corporate tax revenues by 50%, customs and duties by 40%. Discretionary defense spending was increased by 107%, discretionary domestic spending by 62%, Medicare spending by 131%, social security by 51%, and income security spending by 130%. Cyclically adjusted, revenues rose by 35% and spending by 65%.
Also proportionally Bush increased government spending more than any predecessor since LBJ (including).
Read more about this topic: Economic Policy Of The George W. Bush Administration
Famous quotes containing the word policy:
“While I am in favor of the Government promptly enforcing the laws for the present, defending the forts and collecting the revenue, I am not in favor of a war policy with a view to the conquest of any of the slave States; except such as are needed to give us a good boundary. If Maryland attempts to go off, suppress her in order to save the Potomac and the District of Columbia. Cut a piece off of western Virginia and keep Missouri and all the Territories.”
—Rutherford Birchard Hayes (1822–1893)