Bill Clinton As A New Democrat
Bill Clinton was the single Democratic politician of the 1990s most identified with the New Democrats; his promise of welfare reform in the 1992 presidential campaign, and its subsequent enactment, epitomized the New Democrat position, as did his 1992 promise of a middle-class tax cut and his 1993 expansion of the Earned Income Tax Credit for the working poor. New Democrat and Third Way successes under Clinton, and the writings of Anthony Giddens, are often regarded to have inspired Tony Blair in the United Kingdom and his policies.
New Democrats were more open to deregulation than the previous Democratic leadership had been. This was especially evident in the large scale deregulation of agriculture and the telecommunications industries. The New Democrats and allies on the DLC were responsible for the ratification of the North American Free Trade Agreement (NAFTA).
An important part of New Democrat ideas is focused on improving the economy. During the administration of Bill Clinton, New Democrats were responsible for passing the Omnibus Budget Reconciliation Act of 1993. It raised taxes on the wealthiest 1.2% of taxpayers, while cutting taxes on 15 million low-income families and making tax cuts available to 90% of small businesses. Additionally, it mandated that the budget be balanced over a number of years, through the implementation of spending restraints. This helped oversee the longest peace-time economic expansion in the United States' history. Overall, the top marginal tax rate was raised from 31% to 40% under the Clinton administration.
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