Your thoughts on the Clinton Boom.

[coloradodem2005]

What are your thoughts on it? Was it good for most people? Was it legitimate? Enlighten me.

[Toots]

1. 22 million new jobs created ~1000 every three hours for 8 years

Greatest economic expansion in the history of the US and every single Republican voted against his budget. They said what he proposed would destroy America. Now they have all the power and are doing the exact opposite of Clinton and we can see what is being destroyed and what isn't. Bush* has been losing 100 jobs an hour for three years now.

[ramapo]

2. Funny that you ask

I'm currently reading a book, "The Great 401(k) H()ax". Its major premise is the idea that boomers will be able to live off their 401 investment is really just a ponzi scheme. The numbers don't add up. It is not feasible that stock investments will generate anywhere near the amount of growth and income required.

The authors discount much of the supposed Clinton boom. Among their points are:
- Clinton talked up the stock market boom, helping to inflate the bubble, in order to maintain the viability of his administration through the Lewinsky/Impeachment scandal. Without the economy, Clinton would have likely been gone

- Our savings rate during the late '90s went negative. This includes 401 savings. Families were overextended, even in boom times.

- Income disparity grew, becoming more severe than under Reagan. The poor and middle, middle class lost out.

- Clinton was very accommodating to corporate power. A lot of legislation passed during those eight years that was bad for workers.
Also there was the Telecomm act leading the way to media consolidation and the push to globalization without safeguards for American workers.

There's more.

[supercrash]

4. Hold the phone...

Mad as hell....Clinton also passed the deficit reduction plan without a Republican vote...then we saw what happened.

It ended with 2 record back to back surplus's and a record debt payment

Clinton also had fiscal responsibility

[ramapo]

6. Yes he did

The Repubs predicted doom and disaster. The bond market loved it (the fiscal responsibility) and the lower interest rates spurred a great boom.

Clinton certainly had some good, successful policies.

Gotta run now....

[evil_orange_cat]

3. I have mixed feelings on it...

While wealth became even more massively concentrated at the top, income and wages grew moderately beyond the rate of inflation. Unemployment was low, and there was opprotunity for many to make money investing.

However, I think because things were doing so well, nobody (aside from the Krugman's) was paying attention to possible abuses. As long as money was being made, nobody cared if people were breaking the law. The problem with the "Clinton Boom" is that it stopped... any time things Boom like that, there is inevitably a crash.

[Blue_Roses]

5. the "Clinton Boom"

when he had two houses who drastically opposed almost everything he tried to pass...I would definitely say it was not only legitimate, but the markings of a brilliant man.

I think one of the big reasons Clinton was such a success as President is that he allowed a progression in this counry unlike what Bush is doing. To the contrary, Bush has stifled this economy as well as many social issues that Clinton was open to. THIS is what makes our country grow--progression--not oppression.

I think if Clinton were still in office now, he would be looking to use resources to find renewable sources of energy which in turn helps to create new jobs. You just don't find jobs by doing the same old thing. You have to be open to trying new ways or else you will stagnate and eventually regress---which is what is happeneing now.

Bush will NEVER be able stimulate job growth 'cause he is so "tunnel-visioned" into the 20 years past, plus he's just not that creative.
Something we always knew, but confirmed now by Paul O"Neill.