Popular, current Fiscal policies?

Question

Popular, current Fiscal policies?

Answer 1

Ronald Reagan:

Reaganomics (a portmanteau of "Reagan" and "economics") refers to the economic policies promoted by United States President Ronald Reagan. The four pillars of Reagan's economic policy were to:[1]

reduce the growth of government spending,

reduce marginal tax rates on income from labor and capital,

reduce government regulation of the economy,

control the money supply to reduce inflation.

Bill Clinton:

Clinton worked out another deficit-reduction package in 1997 aimed at achieving a balanced budget by 2002, this time with the help of Republicans in Congress. In the 1998 fiscal year, the treasury experienced a surplus of $70 billion, the first surplus since 1969. The surplus was achieved well ahead of expectations because of strong growth in the U.S. economy. The country began to use surplus revenues to pay down the national debt, which had risen to $5.4 trillion by 1997. The U.S. economy continued to grow, and in February 2000 it broke the record for the longest uninterrupted economic expansion in U.S. history, lasting ten years.

Many people credited Clinton’s fiscal policies with the economic turnaround, while others credited the monetary policies of the Federal Reserve Board and its chairman. An important factor of the economic success during the Clinton years was the great growth of technology, especially in computers and telecommunications. Technology improved the rate of productivity—the average amount of work done by one worker. Rising productivity prevented inflation from occurring as the economy grew. Unlike growth periods in the previous two decades, low- and middle-income workers experienced improved living standards.

George W. Bush:

Bush inherited a faltering economy from Clinton,[citation needed] the economy having grown only at a 1.1% annualized rate over the previous three quarters from March 31 of the first year of Bush presidency (see Early 2000s recession).[citation needed] Bush had his tax cut plan approved by Congress in June, proposed early as a response to the economic decline and, despite the aftermath of the 2001 9/11 attacks, managed to keep the country out of recession[neutrality disputed] (defined as two consecutive quarters of decline in the size of the economy) during the time he and his economic policies were assuming more control over the economy. Whatever the contribution of Bush's approach to fiscal policy, and despite the business cycle's tendency to produce periodic recessions,[citation needed] under his administration the length of time between recessions, since accurate accounts have been kept (the last recession being in October 1990-March 1991) has extended to a record 17 years (the previous record having been the 11 years between the recessions in 1958 and 1969).[