“Read my lips; No new taxes” - North Allegheny...“Read my lips; No new taxes” Recession of...
Transcript of “Read my lips; No new taxes” - North Allegheny...“Read my lips; No new taxes” Recession of...
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Herby’s Domestic Policy
“Read my lips; No new taxes”
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Recession of 1990
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Recipe For Economic Disaster
Tax Cut
Spending Increase
Credit Crisis
National Debt
Stock Market Crash
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Causes of the 1990 Recession
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Causes of the 1990 Recession
1. Reagan’s Tax Cuts -25%
2. Reagan’s Defense Spending –Doubled
3. Savings and Loan Scandal –cost $166 billion
4. Stock Market Crash of 1987 –lost $1 trillion in value
5. National Debt –grew to $4 trillion
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National Debt
$4 Trillion $4,000,000,000,000
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Sticking Herby with the Bill
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Causes of the 1990 Recession
1. Reagan’s Tax Cuts -25%
2. Reagan’s Defense Spending –Doubled
3. Savings and Loan Scandal –cost $166 billion
4. Stock Market Crash of 1987 –lost $1 trillion in value
5. National Debt –grew to $4 trillion
6. Negative Trade Balance (1989: -$111 Billion)
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Negative US Trade Balance
US: Importing more than exporting
1987: -$152 Billion, 1988: -$118 Billion, 1989: -$111 Billion
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Economic Solution = Raise Taxes
Political Solution = ???
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Hurt Herby’s Credibility
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Herby’s Ultimate Downfall
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Other Herby Legislation
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Americans with Disabilities Act
(1990)
• prohibits discrimination based on disability.
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Clean Air Act (1990)
• Addressed environmental threats like acid rain, urban
pollution, toxic air emissions, and ozone depletion
• Strengthened enforcement
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News Events During
Herby’s Presidency
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Exxon Valdez Oil Spill
March 29, 1989
11 million gallons of crude oil spilled
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Exxon Valdez Oil Spill
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Exxon Valdez Oil Spill
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Rodney King Arrested
March 3, 1991
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Rodney King Beating
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Rodney King Ruling
April 29, 1992
4 officers were
acquitted from
criminal charges
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Los Angeles Riots
April 29 – May 4, 1992
• 53 killed
• over 2,000
injured
• over 10,000
arrested
• over $1 billion
in damages
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We Salute You, Herby
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United States (6)
1. Alaska
2. California (2)
3. Florida
4. Illinois
5. Massachusetts
6. Texas
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Middle East (6)
1. Afghanistan
2. Iran (2)
3. Iraq (2)
4. Kuwait
5. Lebanon
6. Libya
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Central America (2)
1. Nicaragua
2. Panama
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Happy Horseshoeing