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Thread: Next in Line for a Bailout: Social Security

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    Re: Next in Line for a Bailout: Social Security

    Quote Originally Posted by Lord Tammerlain View Post
    Cant say for sure

    The official budget shows a surplus over and above Social Security

    and yes the national debt did increase

    Perhaps off off budget items.

    But using the same accounting methods as Bush and Obama used/are using their was a surplus over and above the SS surplus
    So then a surplus including Clinton's is on paper only.

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    Re: Next in Line for a Bailout: Social Security

    Quote Originally Posted by Lord Tammerlain View Post
    Actualy the last two years of the Clinton admin, they did not use the SS surplus ( the government had a surplus over and above that of the SS)
    Yes they did.
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    Re: Next in Line for a Bailout: Social Security

    Quote Originally Posted by ptif219 View Post
    So then a surplus including Clinton's is on paper only.
    Nothing more than an accounting trick.
    "The problem in defense is how far you can go without destroying from within what you are trying to defend from without."

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    Re: Next in Line for a Bailout: Social Security

    Quote Originally Posted by ptif219 View Post
    The Myth of the Clinton Surplus


    While not defending the increase of the federal debt under President Bush, it's curious to see Clinton's record promoted as having generated a surplus. It never happened. There was never a surplus and the facts support that position. In fact, far from a $360 billion reduction in the national debt in FY1998-FY2000, there was an increase of $281 billion.

    Verifying this is as simple as accessing the U.S. Treasury (see note about this link below) website where the national debt is updated daily and a history of the debt since January 1993 can be obtained. Considering the government's fiscal year ends on the last day of September each year, and considering Clinton's budget proposal in 1993 took effect in October 1993 and concluded September 1994 (FY1994), here's the national debt at the end of each year of Clinton Budgets:

    Fiscal
    Year Year
    Ending National Debt
    FY1993 09/30/1993 $4.411488 trillion Deficit
    FY1994 09/30/1994 $4.692749 trillion $281.26 billion
    FY1995 09/29/1995 $4.973982 trillion $281.23 billion
    FY1996 09/30/1996 $5.224810 trillion $250.83 billion
    FY1997 09/30/1997 $5.413146 trillion $188.34 billion
    FY1998 09/30/1998 $5.526193 trillion $113.05 billion
    FY1999 09/30/1999 $5.656270 trillion $130.08 billion
    FY2000 09/29/2000 $5.674178 trillion $17.91 billion
    FY2001 09/28/2001 $5.807463 trillion $133.29 billion
    Do you have the same chart for the Bush years?
    "This Administration will constantly strive to promote an ownership society in America. We want more people owning their own home. It is in our national interest that more people own their own home. After all, if you own your own home, you have a vital stake in the future of our country."" GWB

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    Re: Next in Line for a Bailout: Social Security

    Quote Originally Posted by USA-1 View Post
    Do you have the same chart for the Bush years?
    No one claims a surplus for Bush. 2001 is on there the first year of Bush under the Clinton budget.

    Go to the link

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    Re: Next in Line for a Bailout: Social Security

    Quote Originally Posted by ptif219 View Post
    No one claims a surplus for Bush. 2001 is on there the first year of Bush under the Clinton budget.

    Go to the link
    Could you find another link to confirm that link??

    http://www.factcheck.org/askfactchec...e_federal.html

    click on the link http://cbo.gov/budget/historical.shtml
    Last edited by USA_1; 02-09-10 at 10:45 AM.
    "This Administration will constantly strive to promote an ownership society in America. We want more people owning their own home. It is in our national interest that more people own their own home. After all, if you own your own home, you have a vital stake in the future of our country."" GWB

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    Re: Next in Line for a Bailout: Social Security

    Quote Originally Posted by Navy Pride View Post
    Yeah, right, you have no clue what his SS plan was.......
    Private savings accounts, which the country soundly dismissed.

    [ame=http://en.wikipedia.org/wiki/Health_savings_account]Health savings account - Wikipedia, the free encyclopedia[/ame]


    I was standing in line at the RX a few weeks ago when some poor slob in front of me was trying pay for his meds from his HSA which didn't have enough money left to cover the total. Apparently, like me, he has to meet a medication deductible before insurance kicks in (Blue Cross) and his bill was over $200. He tried using his credit card but it was declined (3 times). He left without his meds.

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    Re: Next in Line for a Bailout: Social Security

    Quote Originally Posted by ptif219 View Post
    So then a surplus including Clinton's is on paper only.
    Clinton's "surplus" was clearly Paper Shenanigans and nothing else.

    Any real surplus means either tax refunds or tax cuts, targeted proportionately so those who overpaid the most gets the largest cuts.

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    Re: Next in Line for a Bailout: Social Security

    Quote Originally Posted by Scarecrow Akhbar View Post
    Clinton's "surplus" was clearly Paper Shenanigans and nothing else.

    Any real surplus means either tax refunds or tax cuts, targeted proportionately so those who overpaid the most gets the largest cuts.
    FactCheck.org: During the Clinton administration was the federal budget balanced? Was the federal deficit erased?

    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.
    Last edited by USA_1; 02-09-10 at 03:36 PM.
    "This Administration will constantly strive to promote an ownership society in America. We want more people owning their own home. It is in our national interest that more people own their own home. After all, if you own your own home, you have a vital stake in the future of our country."" GWB

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    Re: Next in Line for a Bailout: Social Security

    Don't you know that the CBO can only be used in favor of rightwing positions? You can't just trot out their figures when they disagree with republicans.

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