Business

Throughout the debate over taxes and the "fiscal cliff," there's been a lot of looking backward — to the 1990s. The economic expansion of the 1990s was the longest in recorded American history.

Democrats say the economy thrived under the leadership of President Bill Clinton, including his tax rate increase on high earners. Republicans say government didn't spend as much then and that growth didn't really take off until the GOP took control of Congress in 1995.

So what actually happened in the '90s? What made them tick?

A Unique Boom

Robert Siegel reviews the top auto news of 2012 with Dan Neil, automotive columnist for The Wall Street Journal.

When a collective of female computer programmers in Kenya needed a name for their ladies-only club, they took their inspiration from the Japanese cult film Akira.

"So akira is a Japanese word. It means energy and intelligence. And we are energetic and intelligent chicks," says Judith Owigar, the president of Akirachix.

After years of recession and slow recovery, maybe you didn't notice. But it turns out, 2012 was a fairly good year for the U.S. economy.

The Standard & Poor's 500-stock index has risen nearly 14 percent this year and the unemployment rate has fallen to 7.7 percent, the lowest point in four years. Inflation and interest rates have stayed low, allowing families to cut their debt loads.

Transcript

CELESTE HEADLEE, HOST:

This is TELL ME MORE from NPR News. I'm Celeste Headlee in for Michel Martin. Coming up, the U. S. economy has had an interesting year. I don't need to tell you that we're still facing huge hurdles. But on the other hand, the stock market shot up this year and some sectors are thriving. We'll talk about signs of hope in just a few minutes.

On this Christmas Eve there's this not-so-cheery news from The Associated Press:

"Christmas shoppers thronged malls and pounced on discounts but apparently spent less this year, their spirits dampened by concerns about the economy and the aftermath of shootings and storms."

The wire service says that:

Wall Street didn't get much of a gift at the end of last week. The Dow lost 120 points, or nine-tenths of a percent, on Friday. The slump is partly tied to events in Washington last week — a Republican plan to avoid the "fiscal cliff" came undone.

Record shops have been closing across the country in recent years, victims of the digital music revolution. But the closing of Floyd's Record Shop in Ville Platte, La., is different. For 56 years, Floyd's hasn't just sold records, it has helped revitalize Cajun music. Floyd's is closing its doors for good on Christmas Eve.

Morning Edition's series, the Twelve Days of Tax Deductions, zeroes in on some of the tax breaks lawmakers are grappling with as they hammer out a budget deal, to raise revenue, cut spending and avoid the end-of-year "fiscal cliff." On Day 11, we look at the deduction for employer sponsored health insurance.