President Bush campaigned with an economic plan centered on an enormous $1.3 trillion dollar tax cut that would take place over the next 10 years. This strategy is reminiscent of President Ronald Reagan’s economic policy of slashing income taxes and shrinking the overall size of the Federal Government. This economic policy is often referred to as “supply side” economics. However, President Bush�

Based on my research of President Bush’s economic plan, the US economy, and economic principles, I am inclined to support President Bush’s economic plan. From what I have been able to observe, the plan appears both fundamentally sound in economic principle and successful in accomplishing it’s goal (thus far), which was to stimulate an economy plunging toward recession. Thanks to the tax cut, consumers were given fresh money to invest, a move that saved our economy from its first recession in over 10 years. The major concern for the White House right now is most likely the loss of a major chunk of the surplus they were expecting over the next 10 years. However, this can be compensated for if Bush’s tax cuts have their desired effect, which as of now seems likely. Thus, while our current economic situation is not ideal, it is gradually recovering, thanks in my opinion to the economic policies of President Bush.

A common misconception among American’s today is that the United States economy is in a recession. This, however, is not actually the case. A recession is defined as two consecutive quarterly declines in the Gross Domestic Product. As one can observe in the graph below, GDP did fall in the 3rd quarter of 2001; however, it rose by a small, but valid .2% in the 4th quarter of 2001.

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