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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".
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.
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
Unemployment continued to rise through June 1992, even though a positive economic growth rate had returned the previous year. [3] [4] Belated recovery from the 1990–1991 recession contributed to Bill Clinton's victory in the 1992 presidential election over incumbent President George H. W. Bush.
Bush generally supports free-market capitalism, but claims to understand the importance of government involvements in private financial affairs if they are projected to have a negative impact on the economy as a whole. In November 2008, Bush claimed, "Our aim should not be more government. It should be smarter government." [8]
A significant driver of economic growth during the Bush administration was home equity extraction, in essence borrowing against the value of the home to finance personal consumption. Free cash used by consumers from equity extraction doubled from $627 billion in 2001 to $1,428 billion in 2005 as the housing bubble built, a total of nearly $5 ...
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)