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Kimberly Morgan December 5, 2003 Economic 104 Dr. Meyers Economic Growth in the United States During Bush's first year as president, real Gross Domestic Product (GDP) grew very slowly in the second half of 2000 and the first half of 2001, and then actually declined in the second half of 2001. (Baumol) In the year 2001, the United States realized that we were experiencing a recession. A recession is a period of time during which production falls and people lose jobs. (Baumol) Over the pass four years, our economy has been moving very slow. Many people are losing jobs, and the GDP has fallen. Below is a graph of a recession: "The tax cut of 2001 turned out to be remarkably well timed, however, and the war on terrorism led to a burst of government spending. Both of these policies helped shift the aggregated demand curve outward, mitigating the recession." (Baumol) Over the past few months,...

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