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Period: to
1990's
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Period: to
1990's
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Gulf War
The gulf war was a conflict between Iraq and increased unemployment rate by 2%. It went from 5.5% to 7.8%. The GDP contracted by 1.4% and industrial production declined by 4.5%. Many business got affected having to downsize or even go bankrupt. -
Market Reform Act
The Market Reform Act of 1990 addressed the market break in 1987 and authorized the U.S. Securities and Exchange Commission to take action in an emergency situation to maintain or restore fair and orderly markets and to ensure the prompt and accurate clearance and settlement of transactions -
LA Riots
In 1992, many protesters rioted killing 50-60 people. They also caused 1 billion dollars in damage. In the following ten years, there was a loss of at least 3.8 billion dollars of taxable sales and 125 million dollars of direct sales tax revenue loss. -
Hurricane Andrew
Hurricane Andrew killed 23 people and caused over 26 billion dollars of damage. It was a category 5 hurricane. It hit areas of Florida and Louisiana and took over 5 years to rebuild. Almost 60% of Hurricane Andrew's damage was covered by insurance which made rates rise where it hit. -
World Trade Center Bombing
In 1993, the World Trade Center got bombed by Ramzi Yousef and killed 6 people and hurt thousands. It reduced our GDP by 0.2% and made over 6000 people jobless. -
Bill Clinton
In 1993, President Clinton successfully expanded the Earned Income Tax Credit (EITC), providing a tax cut to 15 million hard-pressed American workers. By 1999, the EITC had lifted 4.1 million people out of poverty, nearly twice the number it had helped in 1993. Additionally, President Clinton introduced the $500 per Child Tax Credit. -
North American Free Trade Agreement Takes Effect
In 1994, the U.S, Mexico and Canada signed an agreement to not have tariffs between these three counties. It was signed in 1992, but didn't take effect for 2 years. Certain departments and sectors received employment boosts because demand was higher and created more jobs, especially manufacturer and industrial. -
Amazon
Amazon was founded by Jeff Bezos in his garage in 1994. His company wasn't too big at first, but now, people couldn't imagine living without it. They started getting bigger in 2001 when they "survived" a tech crash which put many e-companies out of business. -
Khobar Tower Bombing
The Khobar Tower Bombing was a terrorist attack killing 19 U.S Air force personnel and almost 500 people were wounded. This hurt our Air Force and a few other branches and parts of the military. -
Google
Google company was created in 1998, although back then, it was called Backrub. -
EgyptAir Flight 990
In 1999, an Egypt Air Flight crashed into the Atlantic Ocean and killed all 216 people on board. This affected sales for airlines as people were frightened to ride airplanes, especially from EgyptAir. -
GDP
GDP grew every year peaking in 1999 at over 9 billion dollars. It grew from 0.2 billion dollars a year to 0.5 billion dollars a year. -
Gas Prices
1999 and 2000 was really the turning point for gas prices as gas was starting to be used more and prices started rising a lot. -
Citations
Works Cited
Wikipedia, https://stateoftheunion.onetwothree.net/timelines/Timeline_US_hist_1990-pres.html. Accessed 8 May 2024.
“1990s | Timeline | Virtual Museum and Archive of the History of Financial Regulation.” SEC Historical Society, https://www.sechistorical.org/museum/timeline/1990-timeline.php. Accessed 8 May 2024.
“United States GDP 1990-2023.” Statista, 23 February 2024, https://www.statista.com/statistics/188105/annual-gdp-of-the-united-states-since-1990/. Accessed 8 May 2024.