Question

Summarize which parts of the economy grew during the 1990s and which declined?

Answer 1

Mid 1990 the economy entered a period of recession. By definition, a recession is " a period of temporary economic decline during which trade and industrial activity are reduced" (online dictionary). During this time jobs became scarce, taxes were increased for corporations and those with high incomes. Additionally, certain programs were cut in order to save money, NAFTA was put into effect between the United States, Mexico, and Canada. Programs like welfare were reformed. The federal minimum wage was increased which ended up affected about 10 million Americans. The average income per household increased to about 37,000.