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The American economic policy at the time of the presidency of George Bush

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Elected by beating Al Gore with only a few votes, George Bush wanted to appear as the representative of a form of conservatism that would rally all the trends, an intent that is reflected in the composition of his cabinet. He had to confront the economic downturn in March 2001, and the shock of the attacks of September 11. Officially a liberal, he had to resolve to promote policies of the Keynesian stimulus.

George W. Bush succeeded a President who experienced exceptional growth of 2 terms. He inherited an economy with low inflation (3.5%), unemployment below 4%, a growth of around 4% and budget surplus since 1998.

If we add the euphoria of the technological revolution, the challenge is enormous for the new President, provided that the conditions of his election limited political capital. While there were concerns regarding the use of budgetary pot (4500 billion for the next decade), Bush takes office when the economic cycle turns and where is the problem of rebalancing new and old economy.

Nevertheless, Clinton's legacy also includes a few black spots: a current account deficit of 4% of GDP, a considerable debt of households and businesses, which requires funding by foreign savings, provided that the U.S. economy and dollar remain attractive.

One can observe the following policies. A liberal economic agenda that proposes to cut taxes (1.3 trillion dollars over 10 years), eliminating restrictions on corporate concentration, to better protect companies against consumerism and toughen trade policy in the best interests of U.S. firms.

Tags: economic policy of America, Presidential term of George W Bush, American economy during presidency of George W Bush

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