Last edited by Kushinator; 07-15-13 at 02:55 PM.
It is not very unreasonable that the rich should contribute to the public expense, not only in proportion to their revenue, but something more than in that proportion.
"Wealth of Nations," Book V, Chapter II, Part II, Article I, pg.911
We all know that deficits are a revenue minus expenses when expenses are higher than revenue. That deficit is added to the debt and all those deficits added together total almost 17 trillion dollars.
Deficit/Surplus= revenue +/- (Public Debt PLUS Intergovt. holdings)
Clinton supporters want to ignore Intergovt. holdings but won't ignore it when they turn 65 and the money isn't there. This is total ignorance and partisan bs to claim Clinton had a surplus when SS/Medicare money was put into the General Budget replaced with an IOU
If you take enough money out of intergovt. holdings chances are you would never have a deficit but that isn't the total picture and you ought to know that
The relevant links are there.The principal difference is that under accrual accounting the government would book immediately the costs of promises made to pay future benefits to government workers and Social Security and Medicare beneficiaries.
FactCheck.org : The Budget and Deficit Under Clinton