Bill Clinton and the New Economy

THE ROAD TO THE WHITE HOUSE

The contrast between George H. W. Bush and William Jefferson Clinton could not have been greater. Bill Clinton was a baby boomer born in 1946 in Hope, Arkansas. His biological father died in a car wreck three months before he was born. When he was a boy, his mother married Roger Clinton, an alcoholic who abused his family. However, despite a troubled home life, Clinton was an excellent student. He took an interest in politics from an early age. On a high school trip to Washington, DC, he met his political idol, President John F. Kennedy. As a student at Georgetown University, he supported both the civil rights and antiwar movements and ran for student council president (Figure).

A poster featuring a photograph of a college-age Bill Clinton reads “A Realistic Approach to Student Government / Bill Clinton / Candidate / President of the Student Council.” Hand-lettered at the bottom is the date “Mar. 8 1967.”
During his 1967 campaign for student council president at Georgetown University, Bill Clinton told those who voted for him that he would invite them to the White House when he became president of the United States. He kept his promise.

In 1968, Clinton received a prestigious Rhodes scholarship to Oxford University. From Oxford he moved on to Yale, where he earned his law degree in 1973. He returned to Arkansas and became a professor at the University of Arkansas’s law school. The following year, he tried his hand at state politics, running for Congress, and was narrowly defeated. In 1977, he became attorney general of Arkansas and was elected governor in 1978. Losing the office to his Republican opponent in 1980, he retook the governor’s mansion in 1982 and remained governor of Arkansas until 1992, when he announced his candidacy for president.

During his campaign, Bill Clinton described himself as a New Democrat, a member of a faction of the Democratic Party that, like the Republicans, favored free trade and deregulation. He tried to appeal to the middle class by promising higher taxes on the rich and reform of the welfare system. Although Clinton garnered only 43 percent of the popular vote, he easily won in the Electoral College with 370 votes to President Bush’s 188. Texas billionaire H. Ross Perot won 19 percent of the popular vote, the best showing by any third-party candidate since 1912. The Democrats took control of both houses of Congress.