Tag: 1990s

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Grant for the moment that there is a global conspiracy. Grant for the moment that there are black helicopters flying around the United States. Why on earth would a global conspiracy pick black? Wouldn’t it be much more sensible to use standard military color schemes and markings? After all, the conspirators must have the ability […]

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We Love the ’90s! Why Doesn’t the Left?

 

Bill-ClintonHey, the X-Files is coming back. Just another sign that we are in full “I love the ’90s!” mode. It’s not just Mulder and Scully. Monica Lewinsky just gave a TED speech. Republicans are again talking about the flat tax. (In the ’90s, even the Dems were talking up the flat tax.) Hollywood is finally making an Independence Day sequel. And there’s a Clinton running for president. I wrote about that last bit of nostalgia in my The Week column. I would say most Americans remember that decade with some fondness thanks to the booming economy. But as I note in the column, those on the left have a more nuanced view of Clintonomics:

In the progressive mind, Bill Clinton quickly ejected his “putting people first” spending agenda in favor of the Alan Greenspan-approved “bond market strategy” that focused on boosting growth by cutting the deficit. (During the Obama era, Republicans adopted the strategy and renamed it “cut to grow.”) “I hope you’re all aware we’re all Eisenhower Republicans,” Clinton fumed, as recounted in Bob Woodward’s The Agenda: Inside the Clinton White House. Not long after, Clinton’s economic council was praising the much-hated — well, at least by progressives — Reagan tax cuts: “It is undeniable that the sharp reduction in taxes in the early 1980s was a strong impetus to economic growth.” Eventually, Clinton declared that the “era of big government is over.” Not a red-letter day in Liberal Land.

Bill Clinton did raise top labor income tax rates, but he also cut them for investment taxes. And while median wages rose, so did inequality. From 1993 through 2000, the share of market income going to the top 1 percent rose to 16.5 percent from 12.8 percent, continuing a trend begun in the Reagan years. Perhaps the biggest black mark from a progressive perspective was Clinton’s signing of the bill that deregulated Wall Street. Some critics, such as Elizabeth Warren, blame that law for at least contributing to the financial crisis and subsequent recession.

Explaining the 1990s Economic Boom — Before Hillary Does

 

Were the 1990s really the best decade ever? Kurt Andersen makes the case in the New York Times, citing everything from economic stats to political cooperation in Washington to better TV shows to the emergence of the consumer digital age. If Hillary Clinton does run for president, we’ll probably hear a lot more about the prosperous ’90s. And if Americans think of a Hillary presidency as a continuation of hubby Bill’s, that would probably be OK with her campaign team. Andersen, for one, disagrees with Jeb Bush’s statement that “if someone wants to run a campaign about ’90s nostalgia, it’s not going to be very successful.” Well, that doesn’t have to be the whole of her message, of course. It does set a good foundation, yes? Better than 2000s nostalgia at least.

Anyway, here is his rundown of the 1990s economy: