Huh! It was not Clinton stupid (just an expression); it was IT. The American people and to a large extent; then president Clinton owe it to IBM, Microsoft, Apple Computers, Yahoo, Google and the whole industry spurred by the PC and the advent of the Internet. Bill Clinton was lucky that he was the president at a time that the world changing information technology soared to dizzying heights that truly transformed not only the USA’s economy but that of Europe and Asia. It was Silicon Valley that transformed the way we live in a way unequalled in all of history and pushed the US economy to greater heights that sorry to say eventually went bust. True: if there is anyone that should hang for the bust…ex-president Bush it is.
An Obama Reelection and What it Will Mean for Filipinos
A Philnews.com Ediorial
SNIP
The Economy
America’s largest surplus in recent history happened during the Bill Clinton presidency. His eight years in the White House ushered in an era of unprecedented growth in jobs and the economy. Like most Americans, Filipino-Americans were living the American dream: owning a house, sending their kids to good schools, driving a late-model automobile. Sadly after Clinton stepped down, George W. Bush and the Republicans took over and that hard-earned surplus soon turned into a ballooning deficit. Thousands of young Americans (including Filipino-Americans) lost their lives in a war in Iraq that was based on faulty intelligence and outright lies. In Bush’s America, the poor and the middle class were hit hardest while the rich were shielded from the economic pain felt throughout the country.
Since Obama’s election as president in 2008, his administration has slowly and painstakingly been turning the economy around. The ever-increasing job losses left by the Bush administration has slowed to a trickle under Obama so that now we are actually seeing consistent job gains in the private sector quarter-after-quarter-after-quarter. For the Philippines, this has translated into ever-increasing remittances from Fil-Ams living and working in America.
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