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's 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's first term, the economy officially entered a recession.

Document Type


Student Type


Department, Program, or Center

Department of Economics (CLA)


RIT – Main Campus

Publication Date



Twenty-Seventh Kearse Distinguished Lecture Award Recipient

Faculty Sponsor: Michael Vernarelli

College: Liberal Arts

Program: Economics

Course: Intermediate Macroeconomic Theory

Professor: Michael Vernarelli

The Kearse awards recognize students who have written the most outstanding research papers or projects in areas of study in the College of Liberal Arts. There is one faculty-nominated awardee from each COLA department. Henry J. and Mary Geirin Kearse, lifelong advocates of education, endowed the award.

Note: imported from RIT’s Digital Media Library running on DSpace to RIT Scholar Works in February 2013.