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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]
Notably, the early 1990s recession did not have as deep a contraction as the early 1980s recession, but was of longer duration as it had four years of less than 2.3% growth in real GDP (1989–92), while the early 1980s recession only had two years of less than 2.3% growth (1980 and 1982), and only the early 1990s recession actually saw a ...
Through previous administrations, the elder Bush had ubiquitously been known as "George Bush" or "President Bush", but following his son's election, the need to distinguish between them has made retronymic forms such as "George H. W. Bush" and "George Bush Sr." and colloquialisms such as "Bush 41" and "Bush the Elder" more common. [294]
The history of the United States from 1980 until 1991 includes the last year of the Jimmy Carter presidency, eight years of the Ronald Reagan administration, and the first three years of the George H. W. Bush presidency, up to the collapse of the Soviet Union.
George H. W. Bush's tenure as the 41st president of the United States began with his inauguration on January 20, 1989, and ended on January 20, 1993. Bush, a Republican from Texas and the incumbent vice president for two terms under President Ronald Reagan, took office following his landslide victory over Democratic nominee Michael Dukakis in the 1988 presidential election.
The 1992 State of the Union Address was given by the 41st president of the United States, George H. W. Bush, on January 28, 1992, at 9:00 p.m. EST, in the chamber of the United States House of Representatives to the 102nd United States Congress. It was Bush's third and final State of the Union Address and his fourth and final speech to a joint ...
The shutdown stemmed from disagreements over the 1991 United States federal budget, whose fiscal year was to begin on October 1, 1990. Over the course of the prior year, President George H. W. Bush negotiated with Congressional leaders on a deficit reduction plan. At the time, Congress was controlled by Democrats.
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".