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Real GDP growth rate by president since 1947 (the quarter in which a new president takes office is attributed to the incoming president) [14] President Political party Period of presidency Average annual real GDP (in trillions) Average annual percentage growth Harry S. Truman (data available from 1947) Democratic: 1945–1953 2.43 4.88%
English: Annualized real GDP growth rates under U.S. presidents from Eisenhower to Biden, sorted by growth rate. Data source: U.S. Bureau of Economic Analysis quarterly data through the first quarter of 2023. Democrats are in blue, Republicans are in red. The quarter in which a new president takes office is attributed to the incoming president.
Gross domestic product would be 0.7% higher on average each year during the 2018–2027 period relative to the CBO baseline forecast, a cumulative total of $1,895 billion, due to an increase in labor supply and business investment. This is the level of GDP, not annual growth rate, so the economic impact is relatively minor.
The Economic Growth and Tax Relief Reconciliation Act of 2001 was a major piece of tax legislation passed by the 107th United States Congress and signed by President George W. Bush. It is also known by its abbreviation EGTRRA (often pronounced "egg-tra" or "egg-terra"), and is often referred to as one of the two " Bush tax cuts ".
The Economic Recovery Tax Act of 1981 lowered the top tax rate from 70% to 50%. Five years later in 1986, Reagan signed the Tax Reform Act , which lowered it again to 28%. The two acts together ...
The first year of the Biden presidency (2021) saw strong growth in real GDP, wages, employment, stock market returns, and household net worth, coupled with an increase in inflation, as the economy recovered from the pandemic recession of 2020. During 2022–2023, the unemployment rate averaged 3.6%.
Former President Bill Clinton greets people after speaking at a stop in Fayetteville to campaign for Democratic presidential candidate, Vice President Kamala Harris, on Friday, Oct. 18, 2024. Economy
Real GDP grew at a quarterly annualized rate of 2.2% in Q1 2018, 4.2% in Q2 2018, 3.4% in Q3 2018, and 2.2% in Q4 2018; the Q2 rate was the best growth rate since Q3 2014, and the overall yearly GDP growth of 2.9% in 2018 was the best performance of the economy in a decade. [140]