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America's New Economy

            A new American economy began to emerge during the closing months of 1999. However, many people believed that a possible collapse of the global computer network was highly plausible with the year 2000 approaching. This believed crisis became known as Y2K. The reason people believed a downfall of the global computer network was possible was because many programs could have possible treated the year 2000 as 1990. Critics believed that this would cause electronic confusion which would spiral global information systems into a disastrous downfall.
             While the majority of the people were stressing over Y2K the economy was actually beginning to broaden itself. Americans from 1992 to 2000 got the privilege to witness nine years of consistent economic expansion. Unemployment plummeted from 7.2% in 1992 all the way down to 4.0% at the beginning of 2000. So, with that being said while Americans were worrying about Y2K the exact opposite process was coming into effect. At the start of 2000 American businesses created more than twelve million new jobs for the United States economy. The stock market began to expand very rapidly during the nineties.
             The economic boom greatly benefited the federal budget's deficit. Reduced borrowing from the United States Treasury resulted in low interest rates, which helped corporate expansion and consumer spending. Bill Clinton signed a deficit reduction bill that supposedly promised fiscal stability. Aside from all of the statistics were impressive gains in the efficiency of the American economy. Manufacturing workers were increasing by four percent each year at the end of the decade. The reason this increase in productivity even was possible was because of the full incorporation of personal computers and electronic communication into our daily lives and business practices. .
             The United States was a service economy at the brink of the twenty first century. A service economy is everyone not directly involved in producing and processing physical products.


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