The prosperity of the 1990s might have come only because of welfare reform, NAFTA and capital-gains tax cut

See A Deficit Hawk Spots His Prey: A billionaire argues that the rich should pay more in taxes, but their wealth may do more for the country than government spending by George Melloan, WSJ

"Mr. Peterson argues that the 1993 Clinton tax increases that included raising the top marginal income-tax rate to 39.6% from 36% did not threaten the prosperity of the 1990s. Economist Charles Kadlec demolished that theory in a 2012 Forbes article, noting that the resurgence of economic growth occurred only after the Republican midterm victory in 1994 and Mr. Clinton’s decision to cooperate on welfare reform, on the Nafta free-trade agreement and on a cut in the capital-gains tax rate to 20% from 28%."