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Article: How not to stimulate the economy.
- Article from:
- The Public Interest
- Article date:
- June 22, 1993
- Author:
CopyrightCOPYRIGHT 1993 The National Affairs, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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SHORTLY AFTER taking office, President Clinton began pushing for a stimulus program to end the country's recession. But according to the National Bureau of Economic Research, the recession was already over. It began in July 1990 and ended in March 1991. Since that time the U.S. economy has expanded continuously. By the end of 1992, in fact, the economy was growing at an annual rate of 4.7 percent--almost twice the postwar average.
Fortunately, Congress was less persuaded of the need for stimulus than Clinton. His proposal was withdrawn. But months later the administration was still pushing for a scaled-down stimulus bill, even as the unemployment rate continued to ...