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Argument essay 3 - Alyah Patillo English 101 Ms Heath 29...

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Alyah Patillo English 101 Ms. Heath 29 October 2012 Bill Clinton versus George Bush In history, there have been presidents who have improved the United States economy and there are those who have hindered the United States economy. The president who has been the greatest influence on good economic policies was President Bill Clinton. However, the president who demonstrated the worse economic policies was George Bush. Bill Clinton is a Democrat and George Bush is a Republican, so these two come from two different political parties. This shows that these two presidents had different views on how to manage the economy. Bill Clinton has improved the economy in the 90’s by the housing market and the employment rate that carried on to the 21 st century. George Bush, nonetheless, didn’t do enough for the crash of the housing market and increased the unemployment rate. Bill Clinton’s approach was more effective to a stronger economy. Bill Clinton was president from 1992 to 2000 and contributed to the growth of the U.S. economy in the 90’s. His policy on the housing market affected a tremendous amount to the GDP (Gross Domestic Product) of the nation’s economy. Bill Clinton introduced a law that helped stimulate the housing market; “FHEFSSA (The Federal Housing Enterprise Financial Safety and Soundness Act) enforces the Government Sponsored Enterprises to increase their acquisition of bank loans made to lower income borrowers”( Armey and Kibbe). FHEFSSA helped millions of people who earned low incomes and unprivileged areas receive adequate mortgage financing. In 1997, another Act was passed called the Tax Payer Relief Act, which helped boom the housing market that Bill Clinton signed off to legislation. The Tax Payer Relief Act exempted capital gains taxes on buying properties; for example, married people who jointly file on their taxes can be exempted by 500,000 and single people can be exempted by 250,000(Evans). Since The Tax
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Payer Relief Act was in placed potential homebuyers could buy homes for a lower down payment and smaller investments throughout the loan period. Most people who gained 125,000 profits could only avoid paying the capital gains tax, if they used that profit on buying or refinancing another house. In 2000, the home ownership rates in the United States reached 67.7% and 71.6 million American families own their own home, which came to be a record in United States history during President Bill Clinton’s term (Armey and Kibbe). Bill Clinton’s time in office had the housing market expanding incredibility, and more people purchased homes that they could afford to pay their mortgages without having to go into debt or foreclosure.
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