-
Recession Begins
A mild recession starts because of a restrictive monetary policy and the 1989 savings and loan crisis. -
Oil Price Shock
Oil prices are driven up due to the invasion of Iraq in Kuwait. This deepens the recession. -
Recession Ends
The recession is over, but there is still high unemployment rates. -
Unemployment Peaks
Unemployment peaks at 7.8%. -
Bill Clinton is Elected
Bill Clinton is elected and his focus is improving the economy. -
Slow Recovery from the Recession Continues
GDP growth improves, but high unemployment and low consumer confidence persists, leading to no overall economic growth. -
Federal Reserve Raises Interest Rates
To combat inflation, the government raises interest rates seven times. -
Stock Market Begins Rapidly Growing
Consumer confidence in economic policies and technological advances drives investing into the stock market. -
Strong GDP
The USA has a very low unemployment and inflation rate, making them one of the strongest economies in the world. -
USA Budget Surplus
For the first time since 1969, the USA doesn't have any debt.