|
The economic policy of the George W. Bush administration was a combination of tax cuts, expenditures for fighting two wars, and a free-market ideology intended to de-emphasize the role of government in the private sector. He advocated the ownership society, premised on the concepts of individual accountability, less government, and the owning of property. During his first term (2001–2005), he sought and obtained Congressional approval for tax cuts: the Economic Growth and Tax Relief Reconciliation Act of 2001, the Job Creation and Worker Assistance Act of 2002 and the Jobs and Growth Tax Relief Reconciliation Act of 2003. These acts decreased all tax rates, reduced the capital gains tax, increased the child tax credit and eliminated the so-called "marriage penalty", and were set to expire in 2011. The last two years of his presidency were characterized by the worsening subprime mortgage crisis, which resulted in government intervention to bail out damaged financial institutions and a weakening economy. The U.S. national debt grew significantly from 2001 to 2009, both in dollar terms and relative to the size of the economy (GDP),〔(FY 2009 Budget )〕 due to a combination of tax cuts and wars in both Afghanistan and Iraq. Budgeted spending under President Bush averaged 19.9% of GDP, similar to his predecessor President Bill Clinton, although tax receipts were lower at 17.9% versus 19.1%.〔 == Fiscal policy == During the George W. Bush administration, the federal government spending was increased from $1789 billion to $2983 billion (70%) but the revenues were only increased from $2025 billion to $2524 billion (25%). Individual income tax revenues were increased by 14%, corporate tax revenues by 50%, customs and duties by 40%. Discretionary defense spending was increased by 107%, discretionary domestic spending by 62%, Medicare spending by 131%, social security by 51%, and income security spending by 130%. Cyclically adjusted, revenues rose by 35% and spending by 65%.〔(Historical Budget Data ), Congressional Budget Office, Tables F-1, F-3, F-7, F-9, and F-12.〕 Also proportionally Bush increased government spending more than any predecessor since Lyndon B. Johnson.〔(Spending Under President George W. Bush ), Veronique de Rugy, Mercatus Center, George Mason University, Mar 2009, Table 2〕 抄文引用元・出典: フリー百科事典『 ウィキペディア（Wikipedia）』 ■ウィキペディアで「Economic policy of the George W. Bush administration」の詳細全文を読む スポンサード リンク
|