Chapter

President Bush and the Economy

Graham Wilson

in Assessing the George W. Bush Presidency

Published by Edinburgh University Press

Published in print November 2009 | ISBN: 9780748627400
Published online September 2012 | e-ISBN: 9780748671946 | DOI: http://dx.doi.org/10.3366/edinburgh/9780748627400.003.0010
President Bush and the Economy

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President George W. Bush left office with the United States and the world economies in a catastrophic condition. Millions of Americans lost their homes in mortgage foreclosures, the stock market fell by 40 per cent, unemployment rose rapidly and a full-scale recession threatened. In the largest extension of government ownership of business in American history, financial institutions, such as the mortgage giants Fannie Mae and Freddie Mac, the insurance giant AIG and nine major banks passed into total or majority government control. Bush's public reputation declined with the economy. By mid-2008, only 20 per cent of Americans approved of his performance on economic policy, and three-quarters thought that Bush's policies had made the United States worse off. This chapter discusses the Bush administration's economic policy, fiscal policy, and monetary policy and regulation. It also examines economic growth and equality, the stock market crash of 2008 and the Bush team's response to the financial crisis and Bush's economic legacy.

Keywords: George W. Bush; United States; economic policy; fiscal policy; monetary policy; regulation; economic growth; equality; stock market crash; financial crisis

Chapter.  6243 words. 

Subjects: US Politics

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