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[2] [5] Prior to the onset of the early 1990s recession, the nation enjoyed robust job growth and a declining unemployment rate. The Labor Department estimates that as a result of the recession, the economy shed 1.623 million jobs or 1.3% of non-farm payrolls. The bulk of these losses were in construction and manufacturing. [2]
The impacts of the recession contributed in part to the 1992 U.S. presidential election victory of Bill Clinton over incumbent president George H. W. Bush. The recession also included the resignation of Canadian prime minister Brian Mulroney, the reduction of active companies by 15% and unemployment up to nearly 20% in Finland, civil ...
After the funeral, Bush's body was transported to George H.W. Bush Presidential Library in College Station, Texas, where he was buried next to his wife Barbara and daughter Robin. [324] At the funeral, former president George W. Bush eulogized his father saying, "He looked for the good in each person, and he usually found it." [323]
Read my lips: no new taxes" is a phrase spoken by American presidential candidate George H. W. Bush at the 1988 Republican National Convention as he accepted the nomination on August 18. Written by speechwriter Peggy Noonan, the line was the most prominent sound bite from the speech. The pledge not to tax the American people further had been a ...
There is no official definition of a recession, according to the IMF. [3] In the United States, a recession is defined as "a significant decline in economic activity spread across the market, lasting more than a few months, normally visible in real GDP, real income, employment, industrial production, and wholesale-retail sales."
Republicans never forgave him. Democrats took full advantage. But the former president, years later, seemed to think he hadn't made a mistake.
The recession officially ended in the second quarter of 2009, [3] but the nation's economy continued to be described as in an "economic malaise" during the second quarter of 2011. [80] Some economists described the post-recession years as the weakest recovery since the Great Depression and World War II.
Signed into law by President George H. W. Bush on November 5, 1990 [1] The Omnibus Budget Reconciliation Act of 1990 ( OBRA-90 ; Pub. L. 101–508 , 104 Stat. 1388 , enacted November 5, 1990 ) is a United States statute enacted pursuant to the budget reconciliation process to reduce the United States federal budget deficit.