He was defeated in his campaign for Congress in Arkansas’s Third District in 1974. The next year he married Hillary Rodham, a graduate of Wellesley College and Yale Law School. In 1980, Chelsea, their only child, was born.
Economic Record: President Clinton
The effort at deficit reduction allowed Federal Reserve Chair, Alan Greenspan, to keep interest rates relatively low, which helped lead to a boom in business investment which sent economic growth and stock markets higher throughout the 1990s. However, Greenspan would later be attacked for keeping interest rates too low, which critics argue helped encourage the real estate bubble of the 2000s.
How much credit does Bill Clinton really deserve for the 1990s boom?
And beyond the specific political dynamics of coal country, life was good during the latter part of the Clinton years. The share of American adults who held a job reached an all-time high, and wages rose rapidly while poverty fell rapidly.
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THE ROAD TO THE WHITE HOUSE
By 1992, many had come to doubt that President George H. W. Bush could solve America’s problems. He had alienated conservative Republicans by breaking his pledge not to raise taxes, and some faulted him for failing to remove Saddam Hussein from power during Operation Desert Storm. Furthermore, despite living much of his adult life in Texas, he could not overcome the stereotypes associated with his privileged New England and Ivy League background, which hurt him among working-class Reagan Democrats.
During this period, despite the “giant sucking sound” H. Ross Perot predicted would follow the implementation of the North American Free Trade Agreement, manufacturing jobs increased slightly, from 16.8 million to 17.1 million.
Time and a half
Whatever Bill Clinton’s exact role in a Hillary Clinton administration would be, it’s no surprise that she is looking to tie herself to his economic legacy. Bill Clinton’s second term was the last time the U.S. economy was unequivocally strong; for most voters this November, it was the best economy they’ve ever known. But while Hillary Clinton wants voters to look back fondly on the first Clinton presidency, she should hope they don’t remember too much about what happened next.
However, in more recent years (as these cyclical forces abated) productivity growth slowed, as did employment growth, wage growth and overall economic growth. The unevenness in wealth distribution continued.