WOOH Write-Up Final - Ryan Ogawa Professor Vetter History...

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Ryan OgawaProfessor VetterHistory 137December 9, 2015WOOH Write-UpWhat I Learned:After researching the history of the US from 1990-2015, it became clear that there weretrends in the changes of our country’s economy.The economic progress of the US has been upand down, going through stages of growth, decline, recession, and re-growth.During the 1990’s,the US economy experienced an economic growth, during the 2000’s we experienced aneconomic decline and crash, and currently, the US is going through a recession and are takingmeasures to strengthen our economy once again.The 1990’s economic boom marked a decade of an amazing recovery in growth rates thatthe US was able to sustain from 1991 to 2001.President Clinton and the Clinton Administrationhelped to spur the economic boom office from 1993-2001.During his time in office, PresidentClinton was able to make the necessary moves in order to help the economy start to moveforward.“To reduce the federal budget deficit, he persuaded Congress to raise taxes on thewealthiest Americans and on gasoline and to cut government spending. To create jobs, hepersuaded the Senate to ratify the North American Free Trade Agreement (NAFTA), eliminatingtariff barriers between Canada, Mexico, and the United States. He also completed negotiationson the General Agreement on Trade and Tariffs (GATT), reducing global trading barriers”(Mintz).In an article that I researched, I was able to find out that there were three main factorsthat helped to contribute faster consumption growth in the 1990s. “First, incomes grew due to
faster employment and faster wage growth in the second half of the 1990s, following fallingunemployment rates. Second, consumption was driven by rapidly rising stock prices. Reasonableestimates suggest that as much as 84% of the increase in consumption between 1997 and 1999were due to the run-up in stock prices. With a sharp decline in the value of the stock market sinceearly 2000, the so-called wealth effect also disappeared. Third, faster consumption growthdepended on more consumer debt” (Weller).The economy began to grow with the aid of theClinton Administration because consumers were buying, helping the economy to grow.In the early 2000’s, the United States ranked as the most powerful country in the world.Americans had one of the highest standards of living in the world.George W. Bush was electedpresident in 2000 in one of the closest presidential elections in U.S. history.On September 11,2001, the United States suffered the worst attack of terrorism in its history.In an article byBülent Gökay, he wrote that, “It has been claimed that 'the attacks on the United States (haveincalculable consequences for domestic politics and world affairs' with 'profound effects on theUS economy as well as the world” (Gökay).Government spending was shifted towards themilitary with the new fear of terrorism and any further terrorist attacks coming from the MiddleEast.Gökay went on to say, “The leading political power in this competition is the USA, whose

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