Bill Clinton was fortunate enough to be President during the .com boom and the subsequent Y2K software issue most developers failed to code for. Not to mention love him or hate him, Newt Gingrich was a pretty good partner in Congress.
And the Dot.com bust occurred during GWB with the following costs!
The 2000 stock market crash resulted in a loss of almost $8 trillion of wealth.
Source:
The Dot Com Bubble Burst That Caused The 2000 Stock Market Crash | Stock Picks System
Remember... the $8 trillion became TAX LOSSES which in turn reduce tax revenue.
IT employment, excluding tech manufacturing, at 3.527 million in 2001, declined about 5% or by nearly 200,000 jobs in the following year, according to data by TechServe Alliance, an industry group. IT employment didn't regain its 2001 level until 2005.
The worst thing about tech bubbles isn't what you may think
Remember 200,000 jobs at average of $75,000 is almost $2 billion alone in Medicare/SS payments that were not being paid.
Just those two sources reduced government revenue as this link shows...
But in the 2000s, with the dot-com crash and 9/11, government revenue declined hitting $3.3 trillion in 2002 before resuming its increase again.
Revenue reached above $4 trillion in 2005 and $5 trillion in 2007.
Then came the Crash of 2008 and government revenue nose-dived down to $3.6 trillion in 2009.
After a few years of catch-up, revenue is estimated to have exceeded $6 trillion in 2015.
US Government Recent Revenue History with Charts - a www.usgovernmentrevenue.com briefing
