Decision Points, by Pres. George W. Bush: on Technology


George W. Bush: 2000: Internet has not redefined business cycle

In 2000, by all measures, the economy was booming. America's GDP had increased by more than $2.5 trillion since the recession that had cost Dad the election but ended before he left office. Fueled by new Internet stocks, the NASDAQ index had shot up from under 500 to over 4,000. Some economists argued that the Internet era had redefined the business cycle.

I wasn't so sure. "Sometimes economists are wrong," I said in a speech outlining my economic policy in December 1999. "I can remember recoveries that were supposed to end, but didn't, and recessions that weren't supposed to happen, but did. I hope for continued growth--but it is not guaranteed. A president must work for the best case, and prepare for the worst."

The centerpiece of my plan was an across-the-board tax cut. I believed government was taking too much of the people's money.

Source: Decision Points, by Pres. George W. Bush, p.441-442 Nov 9, 2010

  • The above quotations are from Decision Points,
    by George W. Bush .
  • Click here for definitions & background information on Technology.
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  • Click here for more quotes by George W. Bush on Technology.
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