The economic policies of Bill Clinton administration, referred to by some as Clintonomics, encapsulates the economic policies of United States President Bill Clinton that were implemented during his presidency, which lasted from January 1993 to January 2001. President Clinton oversaw a healthy economy during his tenure. The U.S. had strong economic growth (around 4% annually) and record job creation (22.7 million). He raised taxes on higher income taxpayers early in his first term and cut defense spending and welfare, which contributed to a rise in revenue and decline in spending relative to the size of the economy. These factors helped bring the United States federal budget into surplus from fiscal years 1998 to 2001, the only surplus years since 1969. Debt held by the public, a primary measure of the national debt, fell relative to GDP throughout his two terms, from 47.8% in 1993 to 31.4% in 2001. Clinton signed North American Free Trade Agreement (NAFTA) into law, along with many other free trade agreements. He also enacted significant welfare reform. His deregulation of finance (both tacit and overt through the Gramm–Leach–Bliley Act) has been criticized as a contributing factor to the Great Recession. Overview Clinton's presidency included a great period of economic growth in America's history. Clintonomics encompassed both a set of economic policies as well as governmental philosophy. Clinton's economic approach entailed modernization of the federal government, making it more enterprise-friendly while dispensing greater authority to state and local governments. The ultimate goal involved rendering the American government smaller, less wasteful, and more agile in light of a newly globalized era. Clinton assumed office following the end of a recession, and the economic practices he implemented are held up by his supporters as having fostered a recovery and surplus, though some of the president's critics remained more skeptical of the cause-effect outcome of his initiatives. The Clintonomics policy focus could be summarized by the following four goals: Establish fiscal discipline and eliminate the budget deficit Maintain low interest rates and encourage private-sector investment Eliminate protectionist tariffs Invest in human capital through education and research Prior to the 1992 presidential campaign, America had undergone twelve years of conservative policies implemented by Ronald Reagan and George H. W. Bush. Clinton ran on the economic platform of balancing the budget, lowering inflation, lowering unemployment, and continuing the traditionally conservative policies of free trade. David Greenberg, a professor of history and media