1. CLINTON, BUSH & OBAMA
USHC 8.5

2. 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

3. 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

4. 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

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

6. 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

7. 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

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

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

10. 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

11. 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