[100] Treasury Secretary Paul H. O'Neill, opposed some of the tax cuts on the basis that they would contribute to budget deficits and undermine Social Security.[101] O'Neill disputes the claim, made in Bush's book Decision Points, that he never openly disagreed with him on planned tax cuts.[102] By 2003, the economy showed signs of improvement, though job growth remained stagnant.[54] Another tax cut was passed that year.[citation needed]
Between 2001 and 2008, GDP grew at an average annual rate of 2.125 percent,[103] less than for past business cycles.[104] Bush entered office with the Dow Jones Industrial Average at 10,587, and the average peaked in October 2007 at over 14,000. When Bush left office, the average was at 7,949, one of the lowest levels of his presidency.[105] Only four other U.S. presidents have left office with the stock market lower than when they began.[106]

Deficit and debt increases from 2001 to 2009. Gross debt has increased over $500 billion each year since the 2003 fiscal year.
Unemployment originally rose from 4.2 percent in January 2001 to 6.3 percent in June 2003, but subsequently dropped to 4.5 percent in July 2007.