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Thread: House Republicans Cave on Payroll Tax Cuts Extension

  1. #141
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    Re: House Republicans Cave on Payroll Tax Cuts Extension

    Quote Originally Posted by Tettsuo View Post
    Actually, Clinton balanced the budget, but the overall debt owed still increased. The first step is balancing the budget though, which Bush immediately tossed out of the window as soon as he could.
    Please tell me how "Clinton Balanced the budget"...

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    Re: House Republicans Cave on Payroll Tax Cuts Extension

    Quote Originally Posted by VanceMack View Post
    Please tell me how "Clinton Balanced the budget"...
    FactCheck.org : The Budget and Deficit Under Clinton

    The Budget and Deficit Under Clinton
    Posted on February 3, 2008 , Updated on February 11, 2008

    Q: During the Clinton administration was the federal budget balanced? Was the federal deficit erased?
    A: Yes to both questions, whether you count Social Security or not.

    FULL ANSWER

    This chart, based on historical figures from the nonpartisan Congressional Budget Office, shows the total deficit or surplus for each fiscal year from 1990 through 2006. Keep in mind that fiscal years begin Oct. 1, so the first year that can be counted as a Clinton year is fiscal 1994. The appropriations bills for fiscal years 1990 through 1993 were signed by Bill Clinton’s predecessor, George H.W. Bush. Fiscal 2002 is the first for which President George W. Bush signed the appropriations bills, and the first to show the effect of his tax cuts.

    The Clinton years showed the effects of a large tax increase that Clinton pushed through in his first year, and that Republicans incorrectly claim is the "largest tax increase in history." It fell almost exclusively on upper-income taxpayers. Clinton’s fiscal 1994 budget also contained some spending restraints. An equally if not more powerful influence was the booming economy and huge gains in the stock markets, the so-called dot-com bubble, which brought in hundreds of millions in unanticipated tax revenue from taxes on capital gains and rising salaries.

    Clinton’s large budget surpluses also owe much to the Social Security tax on payrolls. Social Security taxes now bring in more than the cost of current benefits, and the "Social Security surplus" makes the total deficit or surplus figures look better than they would if Social Security wasn’t counted. But even if we remove Social Security from the equation, there was a surplus of $1.9 billion in fiscal 1999 and $86.4 billion in fiscal 2000. So any way you count it, the federal budget was balanced and the deficit was erased, if only for a while.
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    Re: House Republicans Cave on Payroll Tax Cuts Extension

    Quote Originally Posted by Tettsuo View Post
    FactCheck.org : The Budget and Deficit Under Clinton

    The Budget and Deficit Under Clinton
    Posted on February 3, 2008 , Updated on February 11, 2008

    Q: During the Clinton administration was the federal budget balanced? Was the federal deficit erased?
    A: Yes to both questions, whether you count Social Security or not.

    FULL ANSWER

    This chart, based on historical figures from the nonpartisan Congressional Budget Office, shows the total deficit or surplus for each fiscal year from 1990 through 2006. Keep in mind that fiscal years begin Oct. 1, so the first year that can be counted as a Clinton year is fiscal 1994. The appropriations bills for fiscal years 1990 through 1993 were signed by Bill Clinton’s predecessor, George H.W. Bush. Fiscal 2002 is the first for which President George W. Bush signed the appropriations bills, and the first to show the effect of his tax cuts.

    The Clinton years showed the effects of a large tax increase that Clinton pushed through in his first year, and that Republicans incorrectly claim is the "largest tax increase in history." It fell almost exclusively on upper-income taxpayers. Clinton’s fiscal 1994 budget also contained some spending restraints. An equally if not more powerful influence was the booming economy and huge gains in the stock markets, the so-called dot-com bubble, which brought in hundreds of millions in unanticipated tax revenue from taxes on capital gains and rising salaries.

    Clinton’s large budget surpluses also owe much to the Social Security tax on payrolls. Social Security taxes now bring in more than the cost of current benefits, and the "Social Security surplus" makes the total deficit or surplus figures look better than they would if Social Security wasn’t counted. But even if we remove Social Security from the equation, there was a surplus of $1.9 billion in fiscal 1999 and $86.4 billion in fiscal 2000. So any way you count it, the federal budget was balanced and the deficit was erased, if only for a while.
    Except that the debt went up every year Clinton was President. Every year.

    However, this argument also detracts from the fact that the budget deficits shrunk enormously in Clinton's second term, a product of controlled spending, and the dot-com boom.

    The last true surplus in the US, where the debt decreased, was under Eisenhower, in 1957.

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    Re: House Republicans Cave on Payroll Tax Cuts Extension

    Quote Originally Posted by Tettsuo View Post
    FactCheck.org : The Budget and Deficit Under Clinton

    The Budget and Deficit Under Clinton
    Posted on February 3, 2008 , Updated on February 11, 2008

    Q: During the Clinton administration was the federal budget balanced? Was the federal deficit erased?
    A: Yes to both questions, whether you count Social Security or not.

    FULL ANSWER

    This chart, based on historical figures from the nonpartisan Congressional Budget Office, shows the total deficit or surplus for each fiscal year from 1990 through 2006. Keep in mind that fiscal years begin Oct. 1, so the first year that can be counted as a Clinton year is fiscal 1994. The appropriations bills for fiscal years 1990 through 1993 were signed by Bill Clinton’s predecessor, George H.W. Bush. Fiscal 2002 is the first for which President George W. Bush signed the appropriations bills, and the first to show the effect of his tax cuts.

    The Clinton years showed the effects of a large tax increase that Clinton pushed through in his first year, and that Republicans incorrectly claim is the "largest tax increase in history." It fell almost exclusively on upper-income taxpayers. Clinton’s fiscal 1994 budget also contained some spending restraints. An equally if not more powerful influence was the booming economy and huge gains in the stock markets, the so-called dot-com bubble, which brought in hundreds of millions in unanticipated tax revenue from taxes on capital gains and rising salaries.

    Clinton’s large budget surpluses also owe much to the Social Security tax on payrolls. Social Security taxes now bring in more than the cost of current benefits, and the "Social Security surplus" makes the total deficit or surplus figures look better than they would if Social Security wasn’t counted. But even if we remove Social Security from the equation, there was a surplus of $1.9 billion in fiscal 1999 and $86.4 billion in fiscal 2000. So any way you count it, the federal budget was balanced and the deficit was erased, if only for a while.
    SO...Clinton balanced the budget...not congress? Congress didnt propose the legislation that Clinton signed?

  5. #145
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    Re: House Republicans Cave on Payroll Tax Cuts Extension

    Quote Originally Posted by Tettsuo View Post
    FactCheck.org : The Budget and Deficit Under Clinton

    The Budget and Deficit Under Clinton
    Posted on February 3, 2008 , Updated on February 11, 2008

    Q: During the Clinton administration was the federal budget balanced? Was the federal deficit erased?
    A: Yes to both questions, whether you count Social Security or not.

    FULL ANSWER

    This chart, based on historical figures from the nonpartisan Congressional Budget Office, shows the total deficit or surplus for each fiscal year from 1990 through 2006. Keep in mind that fiscal years begin Oct. 1, so the first year that can be counted as a Clinton year is fiscal 1994. The appropriations bills for fiscal years 1990 through 1993 were signed by Bill Clinton’s predecessor, George H.W. Bush. Fiscal 2002 is the first for which President George W. Bush signed the appropriations bills, and the first to show the effect of his tax cuts.

    The Clinton years showed the effects of a large tax increase that Clinton pushed through in his first year, and that Republicans incorrectly claim is the "largest tax increase in history." It fell almost exclusively on upper-income taxpayers. Clinton’s fiscal 1994 budget also contained some spending restraints. An equally if not more powerful influence was the booming economy and huge gains in the stock markets, the so-called dot-com bubble, which brought in hundreds of millions in unanticipated tax revenue from taxes on capital gains and rising salaries.

    Clinton’s large budget surpluses also owe much to the Social Security tax on payrolls. Social Security taxes now bring in more than the cost of current benefits, and the "Social Security surplus" makes the total deficit or surplus figures look better than they would if Social Security wasn’t counted. But even if we remove Social Security from the equation, there was a surplus of $1.9 billion in fiscal 1999 and $86.4 billion in fiscal 2000. So any way you count it, the federal budget was balanced and the deficit was erased, if only for a while.
    If there was a surplus in those two fiscal years, how come the deficit increased in both years? That's because there wasn't a surplus.

  6. #146
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    Re: House Republicans Cave on Payroll Tax Cuts Extension

    Quote Originally Posted by VanceMack View Post
    SO...Clinton balanced the budget...not congress? Congress didnt propose the legislation that Clinton signed?
    Are you disagreeing with the article? If so, what part?
    A man without fear is a fool, a man that succumbs to his fear is a coward and a brave man acknowledges fear yet presses on.
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    Re: House Republicans Cave on Payroll Tax Cuts Extension

    Quote Originally Posted by Tettsuo View Post
    Are you disagreeing with the article? If so, what part?
    The Surplus Hoax
    The Surplus Hoax - Hans F. Sennholz - Mises Daily

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    Re: House Republicans Cave on Payroll Tax Cuts Extension

    Quote Originally Posted by Tettsuo View Post
    Are you disagreeing with the article? If so, what part?
    All of it that said Clinton did ANYTHING. Clinton was a good president...you will find me making that statement here MANY times, just as you will find me stating I would have him back in a heartbeat. But he was a PRESIDENT...the representative of the EXECUTIVE branch of government. The president signs legislation placed before him by congress. Congress passed a balanced budget which Clinton signed. As the leader he can surely put it on his resume...but he did nothing more than acquiesce to the legislative work of the congress.

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    Re: House Republicans Cave on Payroll Tax Cuts Extension

    Quote Originally Posted by VanceMack View Post
    All of it that said Clinton did ANYTHING. Clinton was a good president...you will find me making that statement here MANY times, just as you will find me stating I would have him back in a heartbeat. But he was a PRESIDENT...the representative of the EXECUTIVE branch of government. The president signs legislation placed before him by congress. Congress passed a balanced budget which Clinton signed. As the leader he can surely put it on his resume...but he did nothing more than acquiesce to the legislative work of the congress.
    So no president can be praised for much of anything that's accomplished by the government? I'm sure you're also including Reagan in your viewpoint, yes? Would you take the same stance with Obama?

    If your point is to only make it known that the government isn't a dictatorship, I agree. No president can act alone without the government as a whole working together. I'm not disputing that at all.
    A man without fear is a fool, a man that succumbs to his fear is a coward and a brave man acknowledges fear yet presses on.
    http://soulinblackandwhite.blogspot.com/

  10. #150
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    Re: House Republicans Cave on Payroll Tax Cuts Extension

    Quote Originally Posted by Tettsuo View Post
    Are you disagreeing with the article? If so, what part?
    The article is correct, YOU are wrong.

    Note what it says:

    Q: During the Clinton administration was the federal budget balanced? Was the federal deficit erased?
    A: Yes to both questions, whether you count Social Security or not.
    It was during the Clinton Administration according to the article. It does NOT say that Clinton balanced the budget as you claim.

    • "The America Republic will endure until the day Congress discovers that it can bribe the public with the public's money." -- Alexis de Tocqueville





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