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1990
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The early 1990's began with a recession. Despite the inheritance of the economic prosperity, the United States fell into a recession that led to stagnant job unemployment and a hopeless United States with economic decline.
1991
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The early 1990's began with a recession. Despite the inheritance of the economic prosperity, the United States fell into a recession that led to stagnant job unemployment and a hopeless United States with economic decline.
1992
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President George H.W. Bush was defeated in 1992, as as cause of a sluggish economy when the third-party candidate Ross Perot entered the fray, taking votes away from the incumbent. Allowing Governer Clinton to win the election leading to skepticism of the people.
1993
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Bill Clinton was elected in the year of 1993 and sought out a stronger health care system for those who could not afford it with a health care reform. This proposal divided the house and caused back lash in the US economy. First, taxes were raised on high-income Americans and corporations. The corporate income tax rate increased to 35% for the firms in the top tax bracket, while income taxes increased for the wealthiest 1.2% of taxpayers to the level of 39.6%. The tax burden was somewhat offset with lower class income taxes raised.
1995
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The year of 1995 saw an economic upturn. In a 1995 saw a revolution in technology through internet and telephones which helped increase workforce productive.
1996
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President Clinton signed into law "The Personal Responsibility and Work Opportunity Reconciliation Act of 1996, a welfare reform plan that will dramatically change the nation's welfare system into one. The bill helped stabilize the economy for the lower class and improve taxation in the economy.
1997
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In 1997 the United States faced a threat of an economic crash whenever Asia staged themselves in a financial crisis. The crisis started in Thailand due to lack of foreign currency and spread throughout East and Southeast Asia. The financial crisis led to a scare of a worldwide economic meltdown and almost sent the US into an economic downturn. The crisis was solved by tax reforms and credit withdrawal in order to compensate for the lost currency
1998
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The United States placed economic sanction on the Asian country of India as a result of nuclear testing. The sanctions were mandatory by law but also helped preserve the relationship between the United States and other large nations.
1999
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In 1999 the United States hit a max annual GDP growth percentage of 4.8%. This represented the highest GDP annual growth in 20 years. The United States was booming has a result of technological advances and increased employment.