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After the Persian Gulf incident, the economy faced a downturn. Unemployment rates rose, consumer spending failed, GPD growth slowed, etc... because of oil prices from the Gulf War.
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Iraq invades Kuwait. Oil prices shoot up, contributing to the recession in the U.S.
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The USA used the SPR (Strategic Petroleum Reserve) to prevent global oil shortages caused by Iraq invading Kuwait. Oil prices were stabilized as the supply increased. SPR reduced the disruptions in supplies in petroleum products and prevented energy costs from crippling.
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The 1990-1991 recession officially ends.
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The Dow Jones industrial average closes above 30,000 for the very first time.
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The U.S. hit a peak unemployment rate of 7.8%, which was the highest it had been in years.
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The Omnibus Budget Reconciliation Act f 1992 (OBRA,) was former President Bill Clinton's first big budget. The corporate income tax rate increased and fuel taxes raised along with many others. Healthcare and Social Security also had many changes because of OBRA.
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North American Free Trade Agreement (NAFTA, signed Dec. 17, 1992 by former President George H.W. Bush,) is officially implemented to remove tariff barriers between America, Canada, and Mexico for 15 years.
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The World Trade Organization is officially established, and the U.S. is added as a member.
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The DJIA closes above 5.000 for the very first time.
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Former President Bill Clinton signs the act into effect, which was a major deregulation bill expected to encourage new technologies and competition.
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The U.S. unemployment rates drop back to 5.2% for the first time since before the 1990 recession.
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Bill Clinton signs the Personal Responsibility and Work Opportunity Reconcilation Act (PRWORA) with the intent of having those in the program work in exchange for assistance living. This act was put into motion to end Welfare.
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The U.S. budget surplus of around $70 billion from October 1st, 1997 comes to an end on September 30th, 1996.
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BIllions were provided tax relief, mainly affecting middle and low income tax payers. Consumer spending, investment, and markets like real estate rose.
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The federal minimum wage rises from $4.75 to $5.15.
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The federal govt. reaches its first budget surplus of around $70 billion after almost 30 years.
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The U.S. stock market experiences a mini-crash caused by the Asian financial crisis.
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This act partially repealed the Glass-Steagall Act and allowed the consolidation of insurance companies commercial banks, and investment banks.
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U.S. Congress revokes the 1933 Glass-Steagall Act, which allowed commercial and investment banks, securities firms, and insurance companies to stand strong.