CLINTON, BUSH & OBAMA USHC 8.5

I. Globalization Businesses move oversees 1. migration from “rust belt” to “sun belt” a. North to South b. Right-to-Work state 1.) SC – Boeing

I. Globalization B. North American Free Trade Agreement (NAFTA) 1. Canada, US and Mexico 2. No Tarrifs 3. freer trade C. General Agreement on Tariffs and Trade (GATT) 1. Freer WORLD trade 2. Jobs move to other countries a. cheaper labor b. cheaper taxes

I. Globalization D. Integration and Expansion of worldwide trading networks 1. new technology and products 2. environment is treated badly E. European Union (EU) 1. European Nations come together on: a. Trade b. Politics c. Building Economies d. Currency 1. Euro

II. Clinton Elected 1992 1. economy had been declining B. Deficit Reduction Plan 1. Tax Increase 2. Spending Cuts 3. Earned income tax credit

II.Clinton C. Federal Reserve slowed inflation by managing interest rates D. Low unemployment but economic disparity increased E. Left office with budget surplus and national debt shrinking

III. Bush Election of 2000 1. heavily contested for weeks a. FL ballots recounted B. Supreme Court stops recount and Bush wins C. Tax cuts for the wealthy 1. spend their extra money 2. supposed to trickle down to average Americans 3. doesn’t work well

III. Bush D. September 11th 2001 1. World Trade and Pentagon attacked by al Qaeda 2. US invades Iraq and Afghanistan a. defense spending increase b. deficit spending

III. Bush No Child Left Behind Act 1. meant to improve education system 2. this is why we take standardized tests

III. Bush F. Housing Bubble 1. Bought homes w/ NINJA loans a. “No income, No job and No assets” 2. unemployment and foreclosures tank the economy 3. Stimulus package and bank bail-out slows the oncoming recession a. worst since Great Depression

IV. Obama Elected 2008 1. stimulus package to jump start faltering economy 2. critics object to deficit spending…more debt B. Affordable Care Act 1. aka Obamacare 2. Health care requirements 3. controversial