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Friday, July 29, 2011

CLINTON AND THE BALANCED BUDGET

“Once again, the economy will be held captive unless Republicans get their way.”
-President Obama

President Clinton balanced the budget and raised taxes, we're told, so we should do the same thing and get the same results! The left loves the idea of rolling back to Clinton-era tax increases because it fills a burning need to punish anyone wealthier than they are. What they don't seem to realize is that it would raise their taxes, too.

However, the entire argument is based on a lie. President Clinton didn't balance the budget. He fought like crazy to not balance the budget against a congress which was working hard to do so. A Republican congress, led by the Contract With America guys elected in 1994.

The truth is, even after the 1993 tax increases which resulted in a lot of guys being thrown out of office, the Office of Budget Management predicted deficits of 200 billion or more into the foreseeable future of 10 years or more. President Clinton in 1995 submitted five budgets, each one increasing the debt by billions of increased spending, and congress kept fighting them off, trying to implement a simple concept: just stop spending more. No more increases, just zero it out and let it ride.

President Clinton fought and fought trying to raise spending, he used every trick, the media used every lie, slander, and attack they had, the Democrats warned of starvation, misery, doom, and horror.

Eventually, reluctantly, President Clinton finally signed a balanced budget. By 2010, the nation was not increasing its debt any longer based on this simple concept of spending no more than it took in from taxes. I know, crazy, but that's what the GOP wanted.

The main change was reduced military spending (which we paid for by 2002 when we needed it again), and a booming economy propped up on faux internet riches which boosted tax revenues. That eventually failed, but it did shrink the deficit.

Now, after 8 years of increasing spending by President Bush topped off by the idiotic TARP, and compounded by 2 years of even greater increased spending, which bloated the budget and debt by 30% more under President Obama, the debt is almost fifteen trillion dollars. And the Democrats are demanding that we must spend even more and raise taxes to help pay for it all.

And this time, there's no booming economy.

1 Comments:

Blogger Philip said...

What they don't seem to realize is that it would raise their taxes, too.

One can look at one of three ways.

1. Yes, they know their taxes will go up, but "those rich bastids will pay more".

2. They figure they're either too poor or 'off the grid' and thus not pay or pay little tax, or too rich (they can afford to have tax experts).

3. They're under the delusion that they're somehow excluded.

6:32 PM, July 29, 2011  

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