Comparison of the fiscal policies of Presidents George H. W. Bush and George W. Bush with an emphasis on anti-crisis measures and the financing of military conflicts

This thesis analyzes and compares the fiscal policies of the United States between 1989 and 1993 and between 2001 and 2005. These periods are defined by the common economic and foreign policy themes of Presidents George H. W. Bush and George W. Bush. The aim of this thesis is to confirm the following hypothesis: The fiscal policy of the George H. W. Bush administration was more responsible and effective in the long term than that of the George W. Bush administration. In connection with testing this hypothesis, the following research questions will be answered: How did government budget revenues and expenditures evolve during the defined periods? What was the share of military conflict expenditures in total expenditures? How did the federal deficit and federal debt evolve in both periods? What were the contributions of federal spending to GDP growth? What was the rate of GDP growth between 1989 and 1993 and between 2001 and 2005? The theoretical part of the thesis deals with a basic explanation of the concepts key to this work, the fiscal policies of both presidents, and the historical context. The practical part of the thesis first analyzes federal budgets in the defined periods, including the development of federal debt between 1989 and 1993 and then between 2001 and 2005. The last chapter deals with an analysis of the budgetary responsibility of both administrations. The conclusions of the thesis partially confirm the hypothesis, as George H. W. Bush's fiscal policy was more responsible in the long term than George W. Bush's fiscal policy. This confirmation is also supported by the answers to the individual research questions.