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Electioneering puts nation's prosperity in spotlight
November 13, 1999 From White House Correspondent Kelly Wallace WASHINGTON (CNN) -- As the 2000 presidential primaries grow closer, it only seems natural that politicians are taking credit for the nation's long-running economic boom.
President Clinton leads the list. "We have the longest peacetime expansion in history, the highest homeownership , 19.8 million new jobs, the lowest unemployment rate in 30 years, the lowest welfare rolls in 30 years, the lowest poverty rates in 20 years, the first back-to-back surpluses in 42 years, and the federal government is the smallest it's been in 37 years, said Wednesday. "The record is in." 
Few dispute those numbers. But many are taking credit for them. "Three parties deserve credit: The Democrats, the Republicans and perhaps most of all Lady Luck," said analyst Henry Aaron of the Brookings Institution. Aaron defined Lady Luck as the surprise drop in unemployment to historic lows without the rising inflation that usually accompanies it.
Deficit reduction citedEconomists cite former President Bush's deficit reduction plan in 1990, followed by Clinton's. "The Clinton budget in 1993 certainly contributed to the good budget surplus that we have now," said Alice Rivlin, former director of the Congressional Budget Office. "It was partly the tax increase, which came at the top of the income scale." Economists also point to Federal Reserve Chairman Alan Greenspan keeping interest rates low, fueling investment and creating jobs.
Increased productivity tied to technologyAnd experts credit the computer revolution for allowing companies to become more productive. "The silver bullet in terms of this historic expansion in productivity has been growing much faster than people thought it could," said Jerry Jasinowski of the National Association of Manufacturers. "And it causes economic growth and jobs and everything else to be better." Economists are mixed about whether the robust growth will continue into the upcoming election year. But one point they all agree on is that during next year's presidential election, voters will be looking for the candidate most likely to keep the economic engine running. White House Correspondent Kelly Wallace contributed to this report. |
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