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lynk2510



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PostSubject: inistration, real GDP grew a   Thu Jun 23, 2011 10:38 am

to the Congress, Bush estimated that there would be a $5.6 trillion surplus over the next ten years.[97] Facing opposition in Congress, Bush held town hall-style public meetings across the U.S. in 2001 to increase public support for his plan for a $1.35 trillion tax cut program—one of the largest tax cuts in U.S. history.[57] 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."[57] With reports of the threat of recession from Federal Reserve Chairman Alan Greenspan, Bush argued that such a tax cut would stimulate the economy and create jobs.[98] Others, including the Treasury Secretary at the time Paul O'Neill, were opposed to some of the tax cuts on the basis that they would contribute to budget deficits and undermine Social Security.[99] O'Neill disputes the claim made in Bush's book "Decision Points" that he never openly disagreed with him on planned tax cuts.[100] By 2003, the economy showed signs of improvement, though job growth remained stagnant.[57] Another tax cut program was passed that year.

Under the Bush Administration, real GDP grew a
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