During Bill Clinton's administration, the United States took an active role in global conflict, focusing on promoting peace and stability. For example, he expanded the Earned Income Tax Credit to help working families, which showed his commitment to improving living conditions and reducing poverty at home, ultimately contributing to a more stable society. Although Clinton's policies did lead to a significant economic expansion and a budget surplus, the deregulation from the Financial Modernization Act caused some issues, suggesting that while he achieved many goals, the effects of those changes were mixed.
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Economic Goals and Achievements
Clinton took office toward the end of a recession. His administration's plans for fixing the economy included the following:
• limiting spending
• cutting the budget to reduce the nation's $60 billion deficit
• keeping interest rates low to encourage private investment
• eliminating protectionist tariffs
• improving employment opportunities by allotting more money for education
In his first term, he expanded the Earned Income Tax Credit. That lowered the tax obligations of working families who were just over the poverty line.
The Democrats in Congress passed the Omnibus Budget Reconciliation Act of 1993 along party lines. The Omnibus Act:
• raised taxes for the top 1.2 percent of the American people
• lowered taxes for 15 million low-income families
• gave tax breaks to 90 percent of small businesses
During the 1990s, the nation began to experience the longest period of economic expansion in its history. For nearly 10 years, job growth increased and the deficit shrank. Increased tax revenue and budget cuts turned the annual national budget deficit around. It went from $290 billion in 1992 to a record budget surplus of more than $230 billion in 2000. Reduced government borrowing freed up capital for private sector use. Lower interest rates fueled more growth. During the Clinton years, more people owned homes than ever before in the country's history. Inflation dipped to 2.3 percent. The unemployment rate declined, reaching a 30-year low of 3.9 percent in 2000.
In 1999. Clinton signed the Financial Modemization Act. Among other things, this act finally repealed the Glass-Steagall Acts that had been in place since the Great Depression. The Financial Modernization Act of 1999 was a continuation of the financial market deregulation that had begun in the 1970s, easing many of the restrictions and controls that the government had put in place with regard to financial institutions. In particular, the Financial Modernization Act ended the separation between commercial and investment banks, and it also allowed banks and other financial institutions to affiliate with each other. The belief held by many was that if the governmental controls of the economy were removed, the economy would grow. As deregulation progressed, the economy d these changes and deregulation did have benefits, there were also serious abuses that took place as a result of reduced regulation
In 3 sentences in a 6th grade response , explain the United States' role in global conflict during Bill Clinton's administration, and evaluate whether the administration was successful at achieving its goals. Choose 2 examples from above to support your response.
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