~Flashback 1998~

Economics

Federal spending: $1675.88 billion
Federal debt: $5750.4 billion
Consumer Price Index: 163
Unemployment: 4.5%
Cost of a first-class stamp: $0.32

Events

• Titanic becomes the highest-grossing film of all time, raking in more than $580 million domestically.
• An estimated 76 million viewers watch the last episode of Seinfeld.
• Legendary crooner Frank Sinatra dies of a heart attack at age 82.
• NBC agrees to fork over $13 million an episode for the next three years for broadcast rights to the top-rated series ER. The total dollar figure, $850 million, eclipses any price ever paid for a television show.
• Titanic captures a record-tying 11 Academy Awards, including those for Best Picture and Best Director (James Cameron).
• The American Film Institute announces its list of the top 100 films of all time. Citizen Kane tops the list.

Movies

• Affliction, American History X, Elizabeth, Shakespeare in Love, There's Something about Mary

Books

• Edward Ball, Slaves in the Family
• Russell Banks, Cloudsplitter
• Michael Cunningham, The Hours
• Donald Hall, Without
• Alice McDermott, Charming Billy