http://online.wsj.com/article/SB1000...831199046.htmlThat $5.6 trillion surplus never existed. It was a projection by the Congressional Budget Office (CBO) in January 2001 to cover the next decade. It assumed that late-1990s economic growth and the stock-market bubble (which had already peaked) would continue forever and generate record-high tax revenues. It assumed no recessions, no terrorist attacks, no wars, no natural disasters, and that all discretionary spending would fall to 1930s levels.
bumping for libtards....to remind them of the O's hypocrisy when he rejects this.
The issue being debated here and now is the fiscal deficit , and there WERE record fiscal surpluses under Clinton...
A rational and informed person would recall the debate at the time over what to do with the surplus , the Dems wanted most of it to be used to pay down the debt , the GOP wanted it to be "returned" to the people via tax cuts , this is a written fact of our history as a nation , these debates took place and there WAS a surplus.
WHY would the GOP debate and fight for a surplus that simply didn't exist ?
President Clinton announced Wednesday that the federal budget surplus for fiscal year 2000 amounted to at least $230 billion, making it the largest in U.S. history and topping last year's record surplus of $122.7 billion."This represents the largest one-year debt reduction in the history of the United States," Clinton said Wednesday morning http://articles.cnn.com/2000-09-27/p...PM:ALLPOLITICS
May 1st 2000 - President Bill Clinton said Monday that the United States would pay off $216 billion in debt this year, bringing to $355 billion the amount of the nation's debt paid down in the three years since the government balanced the budget and began running surpluses.
In a written statement, Clinton said the $216 billion payment represented the largest debt paydown in American history, and he said that the federal government's long-term debt is now $2.4 trillion lower than projected to be when he first took office. http://americanationaldebt.blogspot....ayment-on.html
Now kids , you need to listen up ... Instead of posting the usual ignorant replies like .. "how can the debt be paid down when the debt was still going up ?" ....please read and re-read ..I underlined the part you NEED to focus on , the national debt DIDN'T get smaller , it is simply to massive to be reversed with a 200 billion dollar payment , the interest alone swallows it , but it can be slowed with such a payment , this is why future projections on long term debt are 2.4 trillion lower than projected when he took office , as underlined.
Bush raided SS every year and used it in the general fund , every President does.
And if there is STILL money left over , we call it a surplus.
Under Clinton , there was money left over , when the rest of the presidents did the same thing , there was no money left over.
HINT: "money left over" means surplus
The first president to raid SS was Johnson. Before that, it was not done, and the surpluses prior to his administration were real. Clinton employed an accounting trick. And, let us remember Clinton's spending was restrained by congress. As I demonstrated above, in a post which you only seem to have read the first sentence of, the debt rose three times faster under Democrats than under Republicans.
|« Previous Thread | Next Thread »|