Bridge to the 21st Centu18

Bridge to the 21st Centu18 - potential The good times were...

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Bridge to the 21st Century The Clinton and Bush II years These developments began to take shape during Clinton’s first term. By the end of his  second one they were fueling a surging economy. When he had been elected president,  unemployment was at 7.4 percent. When he stood for re-election in 1996, it was at 5.4  percent. When voters went to the polls to choose his successor in November 2000, it  was 3.9 percent. In many places, the issue was less one of taking care of the jobless  than of finding employable workers. No less a figure than Federal Reserve Chairman Alan Greenspan viewed a rapidly  escalating stock market with concern and warned of “irrational exuberance.” Investor  exuberance, at its greatest since the 1920s, continued in the conviction that ordinary  standards of valuation had been rendered obsolete by a “new economy” with unlimited 
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Unformatted text preview: potential. The good times were rolling dangerously fast, but most Americans were more inclined to enjoy the ride while it lasted than to plan for a coming bust. THE ELECTION OF 1996 AND THE POLITICAL AFTERMATH President Clinton undertook his campaign for re-election in 1996 under the most favorable of circumstances. If not an imposing personality in the manner of a Roosevelt, he was a natural campaigner, whom many felt had an infectious charm. He presided over a growing economic recovery. He had positioned himself on the political spectrum in a way that made him appear a man of the center leaning left. His Republican opponent, Senator Robert Dole of Kansas, Republican leader in the upper house, was a formidable legislator but less successful as a presidential candidate....
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