George W. Bush: Difference between revisions

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 Bush took office during a period of economic recession in the wake of the bursting of the [[dot-com bubble]].<ref>Roger Lowenstein (2004), ''Origins of the Crash: The Great Bubble and Its Undoing'', Penguin Books, {{ISBN|978-1-59420-003-8}} pp. 114–115</ref> The September 11 terrorist attacks also [[Economic effects of the September 11 attacks|impacted the economy]].
-His administration increased federal [[government spending]] from $1.789{{spaces}}trillion to $2.983{{spaces}}trillion (66 percent), while revenues increased from $2.025{{spaces}}trillion to $2.524{{spaces}}trillion (from 2000 to 2008). Individual income tax revenues increased by 14 percent, corporate tax revenues by 50 percent, and customs and duties by 40 percent. Discretionary defense spending was increased by 107 percent, discretionary domestic spending by 62 percent, Medicare spending by 131 percent, social security by 51 percent, and income security spending by 130 percent. Cyclically adjusted, revenues rose by 35 percent and spending by 65 percent.<ref>[http://www.cbo.gov/ftpdocs/108xx/doc10871/appendixf.shtml Historical Budget Data] {{Webarchive|url=https://web.archive.org/web/20120205054450/http://www.cbo.gov/ftpdocs/108xx/doc10871/AppendixF.shtml |date=February 5, 2012 }}, Congressional Budget Office, Tables F-1, F-3, F-7, F-9, and F-12.</ref> The increase in spending was more than under any predecessor since [[Lyndon B. Johnson]].<ref>[http://mercatus.org/uploadedFiles/Mercatus/WP0904_GAP_Spending%20Under%20President%20George%20W%20Bush.pdf Spending Under President George W. Bush] {{Webarchive|url=https://web.archive.org/web/20120425034211/http://mercatus.org/uploadedFiles/Mercatus/WP0904_GAP_Spending%20Under%20President%20George%20W%20Bush.pdf |date=April 25, 2012 }}, Veronique de Rugy, [[Mercatus Center]], George Mason University, Mar 2009, Table 2</ref> The number of [[economic regulation]] governmental workers increased by 91,196.<ref name="bushregulation">{{cite web |title=Bush's Regulatory Kiss-Off – Obama's assertions to the contrary, the 43rd president was the biggest regulator since Nixon |url=http://www.reason.com/news/show/130328.html |work=Reason |date=January 2009 |archive-url=https://web.archive.org/web/20090902085717/http://www.reason.com/news/show/130328.html |archive-date=September 2, 2009 |access-date=May 13, 2012 }}</ref>
+His administration increased federal [[government spending]] from $1.789{{spaces}}trillion to $2.983{{spaces}}trillion (66 percent), while revenues increased from $2.025{{spaces}}trillion to $2.524{{spaces}}trillion (from 2000 to 2008). Individual income tax revenues increased by 14 percent, corporate tax revenues by 50 percent, and customs and duties by 40 percent. Discretionary defense spending was increased by 107 percent, discretionary domestic spending by 62 percent, Medicare spending by 131 percent, social security by 51 percent, and income security spending by 130 percent. Cyclically adjusted, revenues rose by 35 percent and spending by 65 percent.<ref>[http://www.cbo.gov/ftpdocs/108xx/doc10871/appendixf.shtml Historical Budget Data] {{Webarchive|url=https://web.archive.org/web/20120205054450/http://www.cbo.gov/ftpdocs/108xx/doc10871/AppendixF.shtml |date=February 5, 2012 }}, Congressional Budget Office, Tables F-1, F-3, F-7, F-9, and F-12.</ref> The increase in spending was more than under any predecessor since Lyndon B. Johnson.<ref>[http://mercatus.org/uploadedFiles/Mercatus/WP0904_GAP_Spending%20Under%20President%20George%20W%20Bush.pdf Spending Under President George W. Bush] {{Webarchive|url=https://web.archive.org/web/20120425034211/http://mercatus.org/uploadedFiles/Mercatus/WP0904_GAP_Spending%20Under%20President%20George%20W%20Bush.pdf |date=April 25, 2012 }}, Veronique de Rugy, [[Mercatus Center]], George Mason University, Mar 2009, Table 2</ref> The number of [[economic regulation]] governmental workers increased by 91,196.<ref name="bushregulation">{{cite web |title=Bush's Regulatory Kiss-Off – Obama's assertions to the contrary, the 43rd president was the biggest regulator since Nixon |url=http://www.reason.com/news/show/130328.html |work=Reason |date=January 2009 |archive-url=https://web.archive.org/web/20090902085717/http://www.reason.com/news/show/130328.html |archive-date=September 2, 2009 |access-date=May 13, 2012 }}</ref>
 The surplus in fiscal year 2000 was $237{{spaces}}billion{{snd}}the third consecutive surplus and the largest surplus ever.<ref name=omb>Office of Management! and Budget; National Economic Council, September 27, 2000</ref> In 2001, Bush's budget estimated that there would be a $5.6{{spaces}}trillion surplus over the next ten years.<ref>{{cite book|url=http://www.gpoaccess.gov/usbudget/fy02/pdf/blueprnt.pdf|title=A Blueprint for New Beginnings: A Responsible Budget for America's Priorities|last=Bush|first=George W.|publisher=Office of Management and Budget, Executive Office of the President |year=2001 |isbn=0-16-050683-2 |location=Washington |oclc=46346977|archive-url=https://web.archive.org/web/20041018020541/http://www.gpoaccess.gov/usbudget/fy02/pdf/blueprnt.pdf|archive-date=October 18, 2004}}</ref> Facing congressional opposition, Bush held town hall-style meetings across the U.S. to increase public support for his plan for a $1.35{{spaces}}trillion [[Economic Growth and Tax Relief Reconciliation Act of 2001|tax cut program]], one of the largest tax cuts in U.S. history.<ref name=msn /> Bush argued that unspent government funds should be returned to taxpayers, saying "the surplus is not the government's money. The surplus is the people's money."<ref name=msn /> Federal Reserve chairman [[Alan Greenspan]] warned of a recession and Bush stated that a tax cut would stimulate the economy and create jobs.<ref>{{cite news |first=Kelly |last=Wallace |title=$1.35 trillion tax cut becomes law |url=http://edition.cnn.com/2001/ALLPOLITICS/06/07/bush.taxes/ |publisher=CNN |date=June 7, 2001 |access-date=June 30, 2006 |archive-url=https://web.archive.org/web/20060515081611/http://edition.cnn.com/2001/ALLPOLITICS/06/07/bush.taxes/ |archive-date=May 15, 2006}}</ref> Treasury Secretary [[Paul H. O'Neill]], opposed some of the tax cuts on the basis that they would contribute to budget deficits and undermine [[Social Security (United States)|Social Security]].<ref>{{cite news |title=CBS Interviews Former Treasury Secretary Paul O'Neill |url=http://www.informationclearinghouse.info/article5510.htm |access-date=September 1, 2008 |archive-date=May 15, 2006 |archive-url=https://web.archive.org/web/20060515081611/http://www.informationclearinghouse.info/article5510.htm }}</ref> O'Neill disputes the claim, made in Bush's book ''Decision Points'', that he never openly disagreed with him on planned tax cuts.<ref>{{cite news |title=O'Neill Says He 'Clearly' Disagreed With Bush Tax Cuts |url=https://www.washingtonpost.com/wp-dyn/content/video/2010/12/06/VI2010120604011.html |newspaper=The Washington Post |date=December 6, 2010 |access-date=December 12, 2010 |archive-date=January 31, 2011 |archive-url=https://web.archive.org/web/20110131185030/http://www.washingtonpost.com/wp-dyn/content/video/2010/12/06/VI2010120604011.html |url-status=live }}</ref> By 2003, the economy showed signs of improvement, though job growth remained stagnant.<ref name=msn /> [[Jobs and Growth Tax Relief Reconciliation Act of 2003|Another tax cut]] was passed that year.<ref>{{cite web | url=http://www.cato.org/pub_display.php?pub_id=6621 | title=Tax Policy Under President Bush | publisher=Cato Institute | access-date=July 7, 2023 | archive-date=May 30, 2023 | archive-url=https://web.archive.org/web/20230530003442/http://www.cato.org/pub_display.php?pub_id=6621 | url-status=live }}</ref>