Son, you're too young to know the keys behind the best economic decade -1990s

How good was US economy in 1990s? The US economy grew by an average of 4% every year except 1991. The median American household income increased by 10% from 1990 to 1999. Most posters here can tell you their personal experiences about the best decade in term of economy. So, listen carefully, son. Here are keys to the success of 1990s that all economists agreed:

#1 low oil prices. Most time of 1990s oil price were teenager a barrel. Occasionally it broke to $20+ a barrel. The lowest gas price I ever had is $0.79/gallon. Time: October 1998. Location: Spring, Texas (North suburb of Houston). Yes, extremely low oil price was number 1 key factor for 1990s economy, son.

#2 Greenspan. He did very impressive job in balancing between stimulating economy growth and controling inflation. Despite 4+% GDP growth every year in 1990s, we didn't have inflation back then. We don't have Greenspan in Fed today, Son.

#3 Great fiscal policy from 2 famous bipartisan budget agreements, the 1990 budget agreement and 1993 budget agreement which resulted in budget surplus. We don't that kind budget agreement anymore, Son.

I am just talking about short-term key factors here. Some midum term and long term key factors such as deregulation, globalization and innovation of technology started from 1980s also contributed 1990s economic boom. (Yes, in the early days and in the short term US benefit from globalization).