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
I understand that the Republicans were in the majority in Congress and helped Bill Clinton. But the Democrats were in the majority with Ronald Reagan but democats never claim that the House helped Ronald Reagan....what is wrong with those Democrats? If I was Democrats, I would be trying to link them with Ronald Reagan which was also a great time in our history. 80’s and 90’s were the absolute best!!!!
Right.
It was accomplished with Conservatives persistence.
Now, there doesn’t seem to be the political will to get it done.
I don’t know how ‘O’ can even talk about recovery with a straight face if he hasn’t even produced a budget yet!
AGREED!
Also, that recovery DIDN’T start until after the 1994 election and the GOP took the house and senate and forced Clinton into balancing the budget. The author here is wrong about 1992. It was Clinton’s failure...along with his Democratic Party congressional majority (look at the 102nd/103rd congress majority Dems H & S), that moved voters to bring in a new crew (104th Congress...majority GOP H & S).
It was the 104th Congress that wrote the Contract with America prior to the election and brought it to bare on the economy that got things right.
The lamestream media will never present the truth about this.
It wasn’t JUST the congress or the Republicans that saved us. It was a confluence of many things coming together into a perfect storm.
The BIG local story was the Dot-Com era and the creation of the internet at the same time as Clinton was in office. That drove a huge amount of the wealth creation of the time. That was a result of history being made, not really any policy coming out of D.C.
Further - the same invention of the internet, and the economic liberalization of two countries specifically, China and India who both chose to come into the modern world around that time has causes another perfect storm in reverse. The Job Suck to those places can be audibly heard around Silicon Valley. The reverberations of the movement of high-tech to other countries is still ringing here in Silicon Valley.
It is also easy to look back with 20-20 hind-site to say that there are some government policies that are making this drought endure! Let’s see - Sarbanes-Oxley and the change in IRS codes to consider stock grants as expenses on a startup’s ledger certainly have caused the Silicon Valley Golden goose to lay bricks instead of gold. The cost of energy & tax policies in CA haven’t helped either. The business in CA is stifling now.
In any case - it wasn’t JUST the Republican Congress. Let’s be honest - a balanced budget wouldn’t fix everything either. We live in a very different world than the “Gay 90’s ;-)”
Dot Com explosion was the main cause for the growth - nothing else.
Clintons recovery is a myth. The 104th congress deserves all the credit, and Clinton deserves the blame for the economic melt down and mortgage fiasco. But the truth will never be told. Also let’s us not forget Reagans policies spurned the growth in the 90s.