The Clinton Presidency

Bill Clinton’s unlikely rise Poor boy from Arkansaw Raised by a single mom – dad abandoned Excelled at school – Rhodes scholar Charisma and charm – a born politician The Dems 2 nd southern governor since LBJ

1992 Election – 3 Way Race Bush plagued by recession + broke his promise, “no new taxes” Perot – Texas businessman and maverick – against growing deficit Clinton runs as a centrist – a modern, practical liberal – move the Dems to the center.

‘ 92 Election; Clinton 43 – Bush 38 – Perot 19

Health Care Reform Attempt million American no insurance Private Insurance rising at 2X rate of inflation Hillary leads the effort – males in congress resent her Insurance industry finances massive ad campaign to defeat Effort collapses

Clinton’s Economics Proposals Aims to balance the budget and reduce debt Cuts spending, including defense Achieves a budget surplus by 1998 Republican congress after 1994 “contract with America” Clinton achieves bi-partisan support

Welfare Reform Clinton supported bill – Republican support Sets limit on benefits – 5 years Workfare, not welfare Block grants allow states to experiment

American Technology Leads the World PC revolution Dotcom boom Stocks sore in late 1990’s

Globalization-U.S. Economy Challenged Restructuring of American economy began in the 1970’s Painful loss of manufacturing jobs – downsize – outsourcing & offshoring production Increases in global trade – trade barriers lowered World Trade Organization and the General Agreement on Tariffs and Trade NAFTA Agreement 1994 Apple factory in China – long hours tough conditions Tech support India - $12,000 for a worker with a BA in computers

Foreign Policy Under Clinton No More Cold War/Containment Regional conflicts – former Yugoslavia Bosnian/Serb genocide

Clinton Plagued by Scandals Jennifer Flowers 1992 Whitewater scandal – no indictments Monica Lewinski and impeachment 1998

Bush v Gore Controversial Election Purging, hanging chads, uncounted votes, butterfly ballots, Supreme Court

9/11 and The War on Terror Patriot Act – an erosion of freedoms Guantanamo Bay prison Extraordinary rendition by the CIA Questionable interegations – water boarding

Two Wars – Iraq and Afghanistan 11 years and counting $3 trillion spent and counting

Energy Policy Under Bush Secret White House meetings Scientific denial of global warning Kyoto Agreement cancelled

George W. Bush Tax Cuts and Mounting Deficit 2 rounds of tax cuts – 2001 and 2002 Going to war while cutting taxes Capital gains and estate tax cuts increase gap between rich and poor Federal deficit rises from $5 billion to $10 billion

Medicare Prescription Reform 2004 Aid to seniors, but no tax increase to pay for it

Decline of the American Middle class Decline of unions and blue collar middle class Loss of income and income gap between rich and poor grows Rise of the service sector – importance of education

Katrina and Bush’s loss of popularity Does the President care aboput all Americans – the black and the poor?

2008 Economic Collapse The Great Recession Housing collapse Wall Street investment banks make shaky bets – derivatives and mortgage backed securities Banking – credit crisis – TARP bailout over $700 billion $4 gas – unemployment reaches +10% by early GM and Chrysler saved