When Clinton came into office in 1993, the promised "middle class tax cuts" that he ran on were quickly forgotten, replaced by a tax increase especially on the elderly. After Republicans won control of the Senate and House in the 1994 elections, there were tax cuts, especially on capital gains. Those cuts contributed to stimulating the economy.
Since the actual national debt increased every year during the Clinton administration, I can't help but wonder how much of those claimed "surplus" was really a smoke and mirrors accounting trick. If they'd actually ran a surplus, the national debt should've decreased. It never did, even in the years when they loudly proclaimed they were paying down the debt. In addition, back in 1995 when Republicans said they wanted to balance the budget within 7 years, Clinton's budget submission still called for large deficits for many years to come. I remember Clinton going out saying "We can balance the budget in 10 years", "We can balance the budget in 9 years", etc. and decrying the Republican proposal as draconian.
Some of us do have a memory.
Current Events » in reply to History Reminder
re: History Reminder
The whole thread (37 posts)
- More economics
- Some Real Comparisons
- So Only Independents Can Read Graphs?
- I never say "me too". You were doing a good job and I had nothing to add.
- Okay, let's simplify:
- re: Some Real Comparisons
- So Only Independents Can Read Graphs?
- What BS
- War and deficit spending have been the last refuge of desperate politicians stimulating an economy. (n/t)
- Tax rate reductions spurring the economy and resulting in higher revenues is nothing new
- Some Real Comparisons