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Govt. borrows 46 cents of every dollar it spends

Moot said:
I never mentioned Clinton either and yet here we are. So what are you trying to say, that Clinton was responsible for Bush debt? Do you think Obama's debt would be as high now if he had inherited Clinton's debt and budget surplus instead of Bush's debt and policies? Because I sure don't. In fact, I don't think we would have even had a 9/11 if Gore had been elected. <sigh> if wishes were fishes....
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There was no Clinton "surplus"

That's a myth. Money from Social Security was used to pay down the Public Debt. Not the National Debt. Clinton had deficits every year he was in office.

Clinton also admitted he raised taxes too high. His increased taxes hurt economic growth.

Even the NYT reported yet they've laughably taken down the story since it no longer fits in with their narrative

http://www.nytimes.com/eyeblaster/addineyeV2.html

Taxes Under Clinton? - YouTube
 
Bronson said:
There was no Clinton "surplus"

That's a myth. Money from Social Security was used to pay down the Public Debt. Not the National Debt. Clinton had deficits every year he was in office.

Clinton also admitted he raised taxes too high. His increased taxes hurt economic growth.

Even the NYT reported yet they've laughably taken down the story since it no longer fits in with their narrative

http://www.nytimes.com/eyeblaster/addineyeV2.html

Taxes Under Clinton? - YouTube
Click to expand...

People often confuse budget deficit with national debt, but yes Bronson, there was indeed a "budget surplus" when Clinton left office precisely because he had raised taxes and reduced military spending.


President Clinton announces another record budget surplus - CNN


" When spending exceeds income, the result is a budget deficit, which must be financed by borrowing money and paying interest on the borrowed funds, much like an individual spending more than he can afford and carrying a balance on a credit card. A balanced budget occurs when spending equals income. The U.S. government has only had a budget surplus in a few years since 1950. The Clinton administration (1993-2001) famously cured a large budget deficit and created a surplus in the late 1990s.
Read more: Budget Surplus Definition | Investopedia
 
Grant said:
It also helps to print more money in order to make ends meet, which the Feds are doing.
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QE3....and this time the Feds are going to keep doing it until the economy is stronger...even if it a couple of years....according to Bernake.
 
Moot said:
People often confuse budget deficit with national debt, but yes Bronson, there was indeed a "budget surplus" when Clinton left office precisely because he had raised taxes and reduced military spending.
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This is true for 2 years, totalled under $90B, and was not when he left office.

FY Revenue Outlay Deficit/surplus
1992 1,091.2 1,381.5 -340.4
1993 1,154.3 1,409.4 -300.4
1994 1,258.6 1,461.8 -258.8
1995 1,351.8 1,515.7 -226.4
1996 1,453.1 1,560.5 -174.0
1997 1,579.2 1,601.1 -103.2
1998 1,721.7 1,652.5 -29.9
1999 1,827.5 1,701.8 1.9
2000 2,025.2 1,789.0 86.4
2001 1,991.1 1,862.8 -32.4

http://www.google.com/url?sa=t&rct=...DTsY2NUB_nqnbDZzONmag&bvm=bv.1354675689,d.aWc
 
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H. Lee White said:
This is true for 2 years, totalled under $90B, and was not when he left office.

FY Revenue Outlay deficif/surplus
1992 1,091.2 1,381.5 -340.4
1993 1,154.3 1,409.4 -300.4
1994 1,258.6 1,461.8 -258.8
1995 1,351.8 1,515.7 -226.4
1996 1,453.1 1,560.5 -174.0
1997 1,579.2 1,601.1 -103.2
1998 1,721.7 1,652.5 -29.9
1999 1,827.5 1,701.8 1.9
2000 2,025.2 1,789.0 86.4
2001 1,991.1 1,862.8 -32.4
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Yup, there it is, a budget surplus and you even bolded it.

1999 1,827.5 1,701.8 1.9
2000 2,025.2 1,789.0 86.4

Clinton left office in January 2001. So yes Bronson, there was indeed a budget surplus when he left office.
 
Moot said:
Yup, there it is, a budget surplus and you even bolded it.

1999 1,827.5 1,701.8 1.9
2000 2,025.2 1,789.0 86.4

Clinton left office in January 2001. So yes Bronson, there was indeed a budget surplus when he left office.
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FY2001 was his budget.
 
H. Lee White said:
FY2001 was his budget.
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Oh, hmm, you might be right...in the same way that Obama's first year was Bush's budget as well. I need to think about this a bit and get back to you later but I have to go tend to some business now. But that was good, Mr. White.
 
H. Lee White said:
They did. They also made sure they passed it after GWB left office so he could not claim credit for any of the positive effects it was sure to have on the economy.
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You mean like the total meltdown of our financial sector, as well as TARP, and two unfunded wars.

Somebody has been drinking the koolaid.
 
H. Lee White said:
You missed the part where Obama, not Bush, signed the budget.
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No, you missed its irrelevance. The expenditures were the result of Bush's disastrous economic policies: two unfunded wars, the finanical meltdown and tax cuts for Paris Hilton. So it needed to be fixed and that involved big deficits.

The koolaid, man, the koolaid.
 
Moot said:
People often confuse budget deficit with national debt, but yes Bronson, there was indeed a "budget surplus" when Clinton left office precisely because he had raised taxes and reduced military spending.


President Clinton announces another record budget surplus - CNN


" When spending exceeds income, the result is a budget deficit, which must be financed by borrowing money and paying interest on the borrowed funds, much like an individual spending more than he can afford and carrying a balance on a credit card. A balanced budget occurs when spending equals income. The U.S. government has only had a budget surplus in a few years since 1950. The Clinton administration (1993-2001) famously cured a large budget deficit and created a surplus in the late 1990s.
Read more: Budget Surplus Definition | Investopedia
Click to expand...

Again Bill Clinton used money from SOCIAL SECURITY TO PAY DOWN THE PUBLIC DEBT. NOT THE NATIONAL DEBT.

HE HAD DEFICITS EVERY YEAR HE WAS IN OFFICE

THE GOVERNMENT BORROWED MONEY FROM ITSELF TO PAY DOWN PUBLIC DEBT

Go ahead. Check for yourself. Look at intergovernmental holdings for every single year Clinton was office. It went up every year because he was borrowing money from the Government to pay down PUBLIC DEBT which is not the same thing as NATIONAL DEBT

Recession Puts a Major Strain On Social Security Trust Fund

The Treasury Department has for decades borrowed money from the Social Security trust fund to finance government operations. If it is no longer able to do so, it could be forced to borrow an additional $700 billion over the next decade from China, Japan and other investors. And at some point, perhaps as early as 2017, according to the CBO, the Treasury would have to start repaying the billions it has borrowed from the trust fund over the past 25 years, driving the nation further into debt or forcing Congress to raise taxes.
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Have a nice day :2wave:
 
head of joaquin said:
No, you missed its irrelevance. The expenditures were the result of Bush's disastrous economic policies: two unfunded wars, the finanical meltdown and tax cuts for Paris Hilton. So it needed to be fixed and that involved big deficits.

The koolaid, man, the koolaid.
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Those "2 unfunded wars" would not have been necessary had Bill Clinton done his job as Commander in Chief.

The Financial Meltdown can directly be laid at the feet of Democrats, who along with their allies like James Johnson who led Fannie Mae, used their lobbying power in WA to get special rates on Government Subsidies for "affordable housing". The GSE's were able to convince investors that their money was insured by the Federal Government. As a result, they were able to buy up 70% of all the toxic loans. Private loan companies were able to make risk free loans for this exact reason. They just sold them to the GSEs who were eager to add the loans to their expanding portfolios.

Revenue to the Treasury increased significantly after the Bush Tax Cuts. Economic Growth was strong. Unemployment was below 5%.

Fannie Mae caught cooking the books

Fannie, Freddie and the FHEO Cooking the Books Pt. 2 - YouTube

Democrats blocking any reform of the GSEs in committee and calling anyone who criticized Franklin Raines a racist

The Financial Crisis: Lets Go to the Video Tape... - YouTube

Government Regulation is what relaxed lending standards. The regulators became corrupted.

Reckless Endangerment: How Outsized Ambition, Greed, and Corruption Created the Worst Financial Crisis of Our Time: Gretchen Morgenson, Joshua Rosner: 9781250008794: Amazon.com: Books

The koolaid man. The koolaid.

Have a nice day comrade :2wave:
 
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