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2. President Clinton modified Reagan’s supply side economic policies by increasing tax rates and cutting defense spending. Clinton’s policies unleashed a significant period of economic growth from 1993 until 2001.
3. In January 2001, George Bush became America’s 43rd President. Upon his inauguration, Bush-43 inherited:
- A large annual budget surplus,
- A balanced budget,
- A declining national debt of $5.2 trillion,
- The U.S. unemployment rate was below 5%,
- There were no wars, and the annual defense budget was around $400 billion.
- A $10.5 trillion national debt,
- A new $1.3 trillion spending law Bush-43 signed on 10-3-2008 (Public Law 110-343),
- A 10% unemployment rate on December 31, 2008,
- U.S. Corporations were eliminating 700,000 jobs a month, which accumulated to eight million job losses from June 2006 through June 2009,
- The U.S. Automotive industry was on the verge of bankruptcy,
- Unregulated Wall Street Banks had collapsed, requiring $800 billion in tax payer bailouts,
- The banking crisis shut off credit to consumers and small businesses,
- The stock market had plunged from 12,000 to 8,000 and was still dropping,
- The Bank crisis triggered the worst home foreclosure crisis since the great depression,
- Two unfunded wars in Iraq and Afghanistan doubled defense spending to $700 billion,
- A huge unfunded Medicare prescription drug law,
- The U.S. Treasury was starving from devastating reductions in annual tax receipts.
Fourth, I visited your website to learn more about your proposed changes to America’s economic direction. I learned your solutions look very similar to the supply side economic policies of the past thirty-one years: cutting taxes, reducing business regulations, and shrinking government!