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Old 10-22-2013, 05:13 PM  
RedNeckRaider RedNeckRaider is offline
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The deficit hit its Mount Everest peak of $290 billion

I stumbled across this article...gee the good old days~

http://www.cato.org/publications/com...balance-budget

Commentary

No, Bill Clinton Didn’t Balance the Budget

By Stephen Moore

October 8, 1998



Let us establish one point definitively: Bill Clinton didn’t balance the budget. Yes, he was there when it happened. But the record shows that was about the extent of his contribution.

Many in the media have flubbed this story. The New York Times on October 1st said, “Clinton balances the budget.” Others have praised George Bush. Political analyst Bill Schneider declared on CNN that Bush is one of “the real heroes” for his willingness to raise taxes — and never mind read my lips. (Once upon a time, lying was something that was considered wrong in Washington, but under the last two presidents our standards have dropped.) In any case, crediting George Bush for the end of the deficit requires some nifty logical somersaults, since the deficit hit its Mount Everest peak of $290 billion in St. George’s last year in office.

And 1993 — the year of the giant Clinton tax hike — was not the turning point in the deficit wars, either. In fact, in 1995, two years after that tax hike, the budget baseline submitted by the president’s own Office of Management and Budget and the nonpartisan Congressional Budget Office predicted $200 billion deficits for as far as the eye could see. The figure shows the Clinton deficit baseline. What changed this bleak outlook?

Newt Gingrich and company — for all their faults — have received virtually no credit for balancing the budget. Yet today’s surplus is, in part, a byproduct of the GOP’s single-minded crusade to end 30 years of red ink. Arguably, Gingrich’s finest hour as Speaker came in March 1995 when he rallied the entire Republican House caucus behind the idea of eliminating the deficit within seven years.



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We have a balanced budget today that is mostly a result of 1) an exceptionally strong economy that is creating gobs of new tax revenues and 2) a shrinking military budget. Social spending is still soaring and now costs more than $1 trillion.

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Skeptics said it could not be done in seven years. The GOP did it in four.

Now let us contrast this with the Clinton fiscal record. Recall that it was the Clinton White House that fought Republicans every inch of the way in balancing the budget in 1995. When Republicans proposed their own balanced-budget plan, the White House waged a shameless Mediscare campaign to torpedo the plan — a campaign that the Washington Post slammed as “pure demagoguery.” It was Bill Clinton who, during the big budget fight in 1995, had to submit not one, not two, but five budgets until he begrudgingly matched the GOP’s balanced-budget plan. In fact, during the height of the budget wars in the summer of 1995, the Clinton administration admitted that “balancing the budget is not one of our top priorities.”

And lest we forget, it was Bill Clinton and his wife who tried to engineer a federal takeover of the health care system — a plan that would have sent the government’s finances into the stratosphere. Tom Delay was right: for Clinton to take credit for the balanced budget is like Chicago Cubs pitcher Steve Trachsel taking credit for delivering the pitch to Mark McGuire that he hit out of the park for his 62nd home run.

The figure shows that the actual cumulative budget deficit from 1994 to 1998 was almost $600 billion below the Clintonomics baseline. Part of the explanation for the balanced budget is that Republicans in Congress had the common sense to reject the most reckless features of Clintonomics. Just this year, Bill Clinton’s budget proposed more than $100 billion in new social spending — proposals that were mostly tossed overboard. It’s funny, but back in January the White House didn’t seem too concerned about saving the surplus for “shoring up Social Security.”

Now for the bad news for GOP partisans. The federal budget has not been balanced by any Republican spending reductions. Uncle Sam now spends $150 billion more than in 1995. Over the past 10 years, the defense budget, adjusted for inflation, has been cut $100 billion, but domestic spending has risen by $300 billion.

We have a balanced budget today that is mostly a result of 1) an exceptionally strong economy that is creating gobs of new tax revenues and 2) a shrinking military budget. Social spending is still soaring and now costs more than $1 trillion. Is this the kind of balanced budget that fiscal conservatives want? A budget with no deficit, but that funds the biggest government ever?

So the budget is balanced, but now comes the harder part: cutting the budget. Bill Clinton has laid down a marker in the political debate with his “save Social Security first,” gambit. That theme should be turned against him and his government expansionist agenda. Congress should respond: No new government programs until we have fixed Social Security. This means no IMF bailouts. No new day care subsidies. No extending Medicare coverage to 55-year-olds. (Honestly, if Clinton has his way, it won’t be long till teenagers are eligible for Medicare.)

The budget surpluses over the next five years could easily exceed $500 billion. Leaving all of that extra money lying around within the grasp of vote-buying politicians is an invitation to financial mischief. If Congress and the president use the surpluses to fund a new spending spree, we may find that surpluses are more a curse than a blessing.
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Old 10-22-2013, 05:42 PM   #2
cosmo20002 cosmo20002 is online now
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Quote:
Originally Posted by RNR View Post
I stumbled across this article...gee the good old days~

http://www.cato.org/publications/com...balance-budget

Commentary

No, Bill Clinton Didn’t Balance the Budget

By Stephen Moore

October 8, 1998

Let us establish one point definitively: Bill Clinton didn’t balance the budget. Yes, he was there when it happened. But the record shows that was about the extent of his contribution.
In the other thread, you just said to me, "There is no debate here only reality and spin~"

Then you post this. Clinton didn't balance the budget. I guess someone must have forged his name. Some people deny there was a balanced budget, that there was no surplus. At least this acknowledges it did exist.
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Old 10-22-2013, 05:45 PM   #3
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I agree with Cosmo, it would be unfair to ignore the GOP Congress and their role in balancing the budget.
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Old 10-22-2013, 05:48 PM   #4
RedNeckRaider RedNeckRaider is offline
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Originally Posted by cosmo20002 View Post
In the other thread, you just said to me, "There is no debate here only reality and spin~"

Then you post this. Clinton didn't balance the budget. I guess someone must have forged his name. Some people deny there was a balanced budget, that there was no surplus. At least this acknowledges it did exist.
I didn't post it as an attack on Clinton. There is much to dislike about that shitbag but that has nothing to do with the thread. I posted it for no other reason than the fact in the 90s the lower billions was a scary number deficit wise. Now we march happily down the road at 17 trillion~
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Old 10-22-2013, 06:14 PM   #5
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290 billion in 93 is the equivalent of 455 billion in 2012.


THE HORROR!!!!!!
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Old 10-22-2013, 06:29 PM   #6
Garcia Bronco Garcia Bronco is offline
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That's our yearly deficit spending. We've been in debt to some degree since the 1840s because only one time has the President paid off the debt. His name was Andrew Jackson.
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Old 10-22-2013, 06:55 PM   #7
cosmo20002 cosmo20002 is online now
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Quote:
Originally Posted by RNR View Post
I didn't post it as an attack on Clinton. There is much to dislike about that shitbag but that has nothing to do with the thread. I posted it for no other reason than the fact in the 90s the lower billions was a scary number deficit wise. Now we march happily down the road at 17 trillion~
OK, but the "deficit" generally means the annual deficit--how much is being spent vs how much is coming in for that year. The debt is the total amount owed--the total of all those yearly deficits. So the comparing the 17T to the numbers in the article is not the right comparison.
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Old 10-22-2013, 07:23 PM   #8
RedNeckRaider RedNeckRaider is offline
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Originally Posted by cosmo20002 View Post
OK, but the "deficit" generally means the annual deficit--how much is being spent vs how much is coming in for that year. The debt is the total amount owed--the total of all those yearly deficits. So the comparing the 17T to the numbers in the article is not the right comparison.
Fair enough. I just found it interesting the what we use today as a rounding number not that long ago was Mount Everest~
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Old 10-22-2013, 09:56 PM   #9
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That's our yearly deficit spending. We've been in debt to some degree since the 1840s because only one time has the President paid off the debt. His name was Andrew Jackson.
yeah....but did he win the war on terror? I think not....
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