In 1993, Bill Clinton inherited an economy from George H.W. Bush in which 10 million Americans were unemployed, poverty and welfare rolls were growing and job creation was its lowest since the Great Depression.
When Clinton left in 2000, 22.5 million jobs had been created; unemployment had dropped from 6.9 percent to 4 percent. The poverty rate declined from 15.1 percent to 11.8 percent, the largest poverty drop in 30 years. Public debt was reduced by $363 billion and there was a surplus of $237 billion.
In 2009, when George W. Bush left office, the surplus had been spent and America was losing hundreds of thousands of jobs per month. Thousands of soldiers were being killed or wounded in an unnecessary war. Unemployment had jumped from under 5 percent to almost 8 percent. America was in the worst recession since 1928.
When Barack Obama leaves office this month, the unemployment rate will be under 5 percent with 15 million jobs created and the stock market tripled. Also, 20 million more Americans have access to health insurance. The deficit dropped 69 percent and America is out of endless wars.
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Now the government reins have been handed back to the Republicans. Expect the worst. History does repeat itself.