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The economic policy and legacy of the George W. Bush administration was characterized by significant income tax cuts in 2001 and 2003, the implementation of Medicare Part D in 2003, increased military spending for two wars, a housing bubble that contributed to the subprime mortgage crisis of 2007–2008, and the Great Recession that followed.
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 Stimulus Act of 2008 (Pub. L. 110–185 (text), 122 Stat. 613, enacted February 13, 2008) was an Act of Congress providing for several kinds of economic stimuli intended to boost the United States economy in 2008 and to avert a recession, or ameliorate economic conditions.
George W. Bush uttered 'the 10 most important words in the history of economics' during the 2008 financial crisis, Warren Buffett says — here's how they now apply in 2024
The phrase Bush tax cuts refers to changes to the United States tax code passed originally during the presidency of George W. Bush and extended during the presidency of Barack Obama, through: Economic Growth and Tax Relief Reconciliation Act of 2001 (EGTRRA) Jobs and Growth Tax Relief Reconciliation Act of 2003 (JGTRRA)
September 30, 2008: President George W. Bush addressed the country, saying "Congress must act. ... Our economy is depending on decisive action from the government. The sooner we address the problem, the sooner we can get back on the path of growth and job creation". The DJIA rebounded 4.7%. [139]
George W. Bush speaks to firefighters on November 4, 2003, as California Governor-Elect Arnold Schwarzenegger and Governor Gray Davis listen. According to the National Bureau of Economic Research, the economy suffered from a recession that lasted from March 2001 to November 2001.
During his time in the White House, President George W. Bush was known for his love of giving other people nicknames — "Pootie Poot" (Russian President Vladimir Putin), "Bushie," (First Lady ...