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US Economy is Stagnant
Savings and loan crisis in the late 1980s lead to a small recession and little economic growth. GDP grew at an annual rate of 2.4% per year. After this, implementation of economic policies such as Clintonomics lead to a recovery of the economy. -
Invasion of Kuwait by Iraq
An invasion of Kuwait by Iraq lead conflict in the region and lead to a spike in oil prices due to the fact that the two main countries involved, Kuwait and Iraq, were oil rich countries. -
NAFTA Signing
Signing of the North American Free Trade Agreement, between the USA, Canada, Mexico. Allows for more open trade between the three countries. -
Implementation of Clintonomics
Combined both liberal and conservative economic policies, aiming to make the US economy more efficiant. Clintonomics was very effective, and lead to lots of economic growth over his presidency. -
Omnibus Budget Reconciliation Act of 1993
This act increased taxes and decreased government spending to attempt to reduce the government trade deficit. -
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US Economic Growth
GDP growth expanded to 4.3% per year, lead by a boom in the computer industry. -
More Economic Growth
In 1999, over 3 million jobs were created and GDP grew by almost 5%. -
Record Government Budget Surplus
As a result of almost a decade of positive economic policies aimed at reducing the national deficit, the US federal government ended up with a 236.4 billion dollar surplus in 2000, the largest surplus in US history. -
9/11 and the War of Terror
Spending on military post 9/11 and during the War on Terror lead to a large US debt and a negative impact on the US economy -
Dot Com Bubble Collapses
Over investment in internet companies lead to a bubble known as the Dot com Bubble. By the end of 2001, the bubble burst, causing many online companies to be shut down.