Economy of the 1990's!By: Taylor Stiller

Bill Clinton
Bill Clinton

The economy in the 1990's was very different than they way our economy is today. During his time as president Bill Clinton spent his term in helping boost the economy. Whether everyone thinks he did a good job or not, during this time period the economy was better than it had been in a long time. This economic time was called the longest boom in the United States' history.

From early 1993 to early 2001, there was a gain of almost 21 million jobs. Clinton is said to have much of the credit for this huge expansion. His major contribution was pushing through the 1993 budget bill, which helped reduce what had become a big string of federal deficits. He can also be credited for reappointing Alan Greenspan as head of the Federal Reserve who was a major key in handling interest rates.

Although Clinton was credited for much of this boom, there were many other reasons for the expansion. Personal computers and the Internet came of age, helping to bring a revolution in the efficiency of processing information and making workers more productive. In return, Manufacturing companies embraced this efficient production method. Oil prices also declined during the 1990's. This happened mainly because of fighting and cheating among the OPEC oil-producing nations.
´╗┐Even though this boom was a huge in helping the lives of people in the 1990's, the boom made a lasting consequence on what our nation is dealing with today. Although the fear of inflation decreased and interest rates fell during that time, this made money cheaper to borrow for homes, cars, and investment. That may sound like a good thing, but in the long run it may have effected the economy that we have today in a bad way. By giving out many loans to people who may not have been able to pay them back is one reason as to why we are in a recession today.