Fiscal Balance during Clinton Years
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This paper reviews specifically the Clintonomics fiscal policy strategies that led to a balanced budget, during Clinton's term in office, which included tax raises and cuts in government spending to reduce inflation along with tax cuts to stimulate job growth. Clinton's efforts resulted in the United States having its longest economic expansion in history during the 90s, the author expounds, resulting in records during his administration for the lowest unemployment rate in 30 years, the most new jobs ever created under a single administration, the highest home-ownership rate in history and the lowest poverty rate in 20 years. The paper underscores that Clintononomics is the role model for future presidents who decide to apply fiscal discipline to help the economy.
From the Paper:"The fears of the PRWORA reflected other changes that altered the way the government delivered welfare benefits by increasing the role of states, local entities, and welfare workers. In increasing the role of states, the PRWORA provided block grants called Temporary Assistance to Needy Families (TANF) for the states which totaled 16.5 billion dollars annually over six years. Congress added a provision to PRWORA to cut funds for states that failed to move a required percentage of recipients off of welfare and into the workforce. However, TANF gave the states authority to design and operate their own programs, which was called devolution, the transfer of authority from the federal government. As a result, states used the authority to create harsher policies than the federal law required. For instance, some states were known to have cut benefits from families who had delinquent children and enforced families to take parenting classes.
"The PRWORA further devolved authority to counties, local governments, and private entities, which include for-profit companies, nonprofit companies, and religious groups. Some critics argued that privatization, the transfer of authority to private provides, has made overseeing the quality of service more difficult for the government. The issue of accountability for for-profit companies sparked the debate because the companies were known to lessen the quality of service in order to maximize profits."
Sample of Sources Used:
- Gilman, M. Personal Responsibility and Work Opportunity Reconciliation Act (1996). Retrieved from http://www.enotes.com/major-acts-congress/personal-responsibility-work-opportunity.
- Kuttner, R. (1992, August 2). Clintonomics Has What It Takes For The Long Haul. Business Week. Retrieved from http://archives.cnn.com/2000/ALLPOLITICS/stories/09/27/clinton.surplus//
- Moore, S. (1998, October 8). No, Bill Clinton Didn't Balance the Budget. Cato Institute. Retrieved from http://www.cato.org/pub_display.php?pub_id=5656.
- Wallace, K. (2000, September 27). President Clinton announces another record budget surplus. Retrieved from http://archives.cnn.com/2000/ALLPOLITICS/stories/09/27/clinton.surplus/.
- Bill Clinton on Budget & and Economy. Retrieved from http://www.issues2000.org/celeb/Bill_Clinton_Budget_+_Economy.htm
Cite this Analytical Essay:
Fiscal Balance during Clinton Years (2013, March 10) Retrieved January 24, 2022, from https://www.academon.com/analytical-essay/fiscal-balance-during-clinton-years-152525/
"Fiscal Balance during Clinton Years" 10 March 2013. Web. 24 January. 2022. <https://www.academon.com/analytical-essay/fiscal-balance-during-clinton-years-152525/>