ping
The “Clinton” Recovery was due to Newt Gingrich and a REPUBLICAN CONGRESS forcing him to BALANCE THE BUDGET
I never thought I would hear myself say this but I miss Bill Clinton
Too bad. That was a great time for me to really increase the net worth...the 90’s were mainly my time in my 20’s. Good times. I know the Republicans had a lot to do with it as well.
If somebody wants to invent something equally transcendent now (are you listening, Al?) then we can have another "recovery." Clinton was just the puppet who happened to be sitting in the chair when that time came.
Yeah, and that nasty little tech bubble thing that wiped out 70% of people's portfolios.
The Clinton recovery... pffft.
This was not the “Clinton Recovery”. It was due to a Republican congress finally controlling spending, large reductions in the capital gains and other taxes and the Republican Congress restricting anti-business initiatives by the Clinton Administration. The growth was from 1995 to 1999. 1993 and 1994 were low growth, high deficit years. Clinton lost big in the 1994 midterm election because the economy was doing poorly.
Clinton allowed his friends to manipulate the law and so you had the bubble of the late 1990’s. Stock prices peaked in late 1999 and early 2000. You also had the massive accounting fraud by Clinton donors such as Enron, and many others, which did not play out until the early 2000’s. Barnard Madoff set up his fraudulent operation and made much of his money during the 1990’s. There was a great deal of fraud during that time.
Finally, the investments made during the Reagan years produced many of the benefits America saw in the 1990’s.
Clinton had nothing to do with the so called “Clinton recovery”.
The “Clinton Recovery” was actually the tail-end part of the MUCH longer “Reagan Recovery.” Clinton serendipitously benefitted from the tremendous gains in productivity driven by computing, network bandwidth, and internetworking.
There is no “new frontier” of an internet bubble as there was in the 1990s. It burst by 1998.
after the gulf war oil slide to 10 dollars a barrel...it was like a trillion dollar stimulus every year for 7 years...that was the clinton recovery
it would require twelve years of Reaganomics to prepare the way
The “Clinton recovery” can’t be repeated for multiple reasons, but one of the biggest is because during the Clinton years we had not yet maxed out the national credit card.
In fact, as CNN’s Brooke Jackson has reported: “Three days before Christmas 1992, the National Bureau of Economic Research finally issued its official proclamation that the recession had ended 21 months earlier. What became the longest boom in U.S. history actually began nearly two years before Clinton took office.” See (See http://www.cnn.com/2001/US/10/31/jackson.recession.primer.otsc/).
By the same token, Clinton is generally perceived as having a stellar economic record during his own presidency, in spite of the fact that the economy was already starting to decline during the last year of his term after the stock market crashed in March 2000.
According to a report by MSNBC: “The longest economic expansion in U.S. history faltered so much in the summer of 2000 that business output actually contracted for one quarter, the government said Wednesday in releasing a comprehensive revision of the gross domestic product. Based on new data, the Commerce Department said that the GDP — the country’s total output of goods and services — shrank by 0.5 percent at an annual rate in the July-September quarter of 2000.” See: http://www.msnbc.msn.com/id/3676690/ns/business-stocks_and_economy/t/gdp-figures-revised-downward/.
THE TIME OF THE MAXIMUM PRODUCTIVITY OF THE BOOMER GENERATION!
Why does everyone ignore the elephant that was in the room, while today’s ‘negative productivity’ of the Boomers is well recognized?
We’re not going back to paying into SS and paying taxes on our incomes instead of taking from it- unless a time machine comes along...
GREAT find! Thanks!
The “grow the economy” fools need to read this article.
The Economy is dynamic, always responding to market conditions, which are rarely repeated.
Hence, the Reagan Recovery, the Clinton Recovery and the Obama Recovery must be viewed through the lens of History.
The Obama Recovery has shown, IMHO, that the US Economy is very strong because it has managed to grow at the rate of 1-2 % in spite to Dictator Obama’s sworn policy of regulate, Control and DESTROY.
Two words - “Peace Dividend”....