When George W. Bush was inaugurated as president of the United States in 2001, the economic climate forecasted by the US Office of Management and Budget included $5.6 trillion in cumulative surpluses over the next ten years. On the campaign trail in 2000, Mr. Bush declared his own spending plans for the expected surpluses: half allocated toward Social Security funds; one quarter toward “important projects;” and the last fourth toward tax cuts for the people (Economist 2003). Unfortunately, the president\u27s plans were thwarted by the sudden dot-com bust in parallel with the financial uncertainty that followed the September 11 disaster. In March 2001, less than three months into Mr. Bush\u27s first term, the economy officially entered a recession
