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This is exactly right. If you’re old enough, you might recall George W. Bush insisting people should go shopping; the point was to encourage people to spend the
by KerrAvon 1y ago
This is exactly right. If you’re old enough, you might recall George W. Bush insisting people should go shopping; the point was to encourage people to spend their way out of his recession. Didn’t work!
- dragonwriter 1y agoThe encouragement was mostly post-9/11 and the recession ended in November, so if it wasn't effective, it sure at least coincided with recovery. (The recession started in March, well before 9/11, but the attempt to encourage shopping to deal with the perceived problem was a post-9/11 thing.) The Bush recession is often perceived as longer and deeper than it was because of the poor distribution of gains (in part due to the tax burden shift of the Bush tax cuts) of the expansion that started in late 2001 and ended with the Great Recession.