A major concern shared by many of the inhabitants of a nation is how the government is going to aid in development of an economy. Presidential plans are an indicator of initiatives taken by government to enhance the economy of any country.
As an economy, the United States is simply great. As people, Americans are hard working. It is the responsibility of elected government to implement will of people and take the nation to greater heights. On January 20, 2001, whole world witnessed the oath taking ceremony of the forty-third and current president of the United States. Presidential plans of 43rd president of the United States were the major look out of Americans. Presidential plans were supposed to bring a revolution in industrial growth, while improving long-run or structural growth prospects.
Presidential plans for the United States economy have been a balancing act. Presidential plans of the Bush government gave special attention to economy of the country. The pro-economic growth policies of the government brought about a fine balance between structural and functional aspects of economy. Presidential plans of the US economy are summarized below-
- Tax cuts have been major component of presidential plans of the US economy. Three acts were passed that include Economic Growth and Tax Relief Reconciliation Act of 2001, the Job Creation and Worker Assistance Act of 2002 and the Jobs and Growth Tax Relief Reconciliation Act of 2003. Outcomes of these acts were that all tax rates were diminished, capital gains tax was reduced, child tax credit was increased and 'marriage penalty' was absolutely eliminated.
- There was a clear intention to permit domestic production of oil and natural gas. Bush government intended to lift ban on domestic production of oil and natural gas in order to augment the economy and also provide the nation access to a consistent and hefty source of domestic oil.
- Bush government believed in free trade policy. Presidential plans also included approval of free trade agreements (FTAs) with other nations like Colombia, South Korea’ and Panama.
- Programs that would stabilize the nation’s housing and financial markets were implemented.
Presidential plan of the current US president has brought about a somewhat stabilizing environment in the US economy. The present US government has performed a laudable balancing act in tax exemptions. Now, again the US presidential election is round the corner. So it’s time to see what the new rule has in store.