View Full Version : Flashback..Govt pays off Nat Debt
<div class="ubbcode-block"><div class="ubbcode-header">Quote:</div><div class="ubbcode-body"><span style='font-size: 14pt'>Alan Greenspan gets religion</span>
[Pete Davis at Capital Games and Gains gives his take on Alan Greenspan, of all people, <span style='font-size: 14pt'>now calling for the end of the Bush tax cuts.</span>]
Recall that in 2001 Greenspan warned that with the Government swimming in money (a then ballooning budget surplus) the Federal Debt would soon be paid off and that we wouldn't know what to do with the all the excess capital! Better to get into the private hands of the wealthy as soon as possible, lest it get wasted.
"The most recent projections, granted their tentativeness, nonetheless make clear <span style='font-size: 17pt'>that the highly desirable goal of paying off the federal debt is in reach before the end of the decade</span>. This is in marked contrast to the perspective of a year ago when the elimination of the debt did not appear likely until the next decade.
But continuing to run surpluses beyond the point at which we reach zero or near-zero federal debt brings to center stage the critical longer-term fiscal policy issue of whether the federal government should accumulate large quantities of private (more technically nonfederal) assets. At zero debt, the continuing unified budget surpluses currently projected imply a major accumulation of private assets by the federal government. This development should factor materially into the policies you and the Administration choose to pursue."
<u>Recall also that when Bill Clinton office the Federal Debt was approximately $6 trillion, having quadrupled under Ronald Reagan and George H.W. Bush, it was now actually reversing.</u>
Jump ahead to the end of George W. Bush's presidency and the debt, aided with the Bush tax cuts, had risen to over $10 trillion. So much for the end of the National Debt. Here's what happened in graphical form. </div></div>
<div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: Qtec</div><div class="ubbcode-body"> <u>Recall also that when Bill Clinton office the Federal Debt was approximately $6 trillion, having quadrupled under Ronald Reagan and George H.W. Bush, it was now actually reversing.</u>
And again you have accepted spoon fed "TRUTH" while never checking the facts.
Had you bothered to ever question "CROOKS AND LIARS" you would have found that the US National Debt rose each and every year under the Clinton regime.
My source ... the current regime's Department of Treasury:
Date Dollar Amount
How embarrassing this must be to you.
OH DEAR ... Q'S SOURCE IS THE (http://www.treasurydirect.gov/govt/reports/pd/histdebt/histdebt_histo4.htm)
ACTUAL CROOKS AND LIARS (http://www.treasurydirect.gov/govt/reports/pd/histdebt/histdebt_histo5.htm)
LWW <--- Wishing the left would present an argument that would pose at least some challenge to prove wrong.
Its so clear.
<div class="ubbcode-block"><div class="ubbcode-header">Quote:</div><div class="ubbcode-body">December 28, 2000
Today, President Clinton will announce that The United States is on course to eliminate its public debt within the next decade. The Administration also announced that we are projected to pay down $237 billion in debt in 2001. Due in part to a strong economy and the Presidentís commitment to fiscal discipline, the federal fiscal condition has improved for an unprecedented nine consecutive years. Based upon todayís new economic and budget projections for the coming 10 years from the Office of Management and Budget (OMB):
* The United States can be debt-free this decade. By dedicating the entire budget surplus to debt reduction, The United States can eliminate its publicly held debt by FY 2009. The next Administration and Congress will need to decide what priorities to address: eliminate the public debt by FY 2010 and still use part of the surplus for responsible tax cuts, prescription drug benefits for Medicare recipients, and investments in key priorities like education and health care.
* The national debt is projected to be paid down by $237 billion this year. Under the budget President Clinton and Congress completed two weeks ago, the U.S. is projected to pay down $237 billion of the national debt in FY 2001.
* <span style='font-size: 14pt'>The 4 year total debt paydown will be $600 billion.</span> Over the last three years, we have already paid down $363 billion in debt. Therefore, The United States is on track to reduce the debt by $600 billion over four years, the largest four-year debt pay-down ever.
* Record deficits have become record surpluses. This Administration has have moved the country from a deficit of $290 billion in FY 1992 to an expected surplus of $256 billion in FY 2001. Eight years ago, the Congressional Budget Office projected a $513 billion deficit in FY 2001. Thus, the fiscal picture is now projected to improve by $769 billion in FY 2001 alone. </div></div>
1. Clinton did not add to the debt by borrowing.
2. The fact that the debt continued to rise is because of the interest on the 6 trillion debt handed to him by Reagan and Bush.
If you notice on the graph [ its so big even you can see it] you can see the Debt beggining to flateline until Bush takes over. After that it just takes off.
Bush borrowed for the tax cuts.
He borrowed for the Iraq crusade..he has never paid for anything.
<div class="ubbcode-block"><div class="ubbcode-header">Quote:</div><div class="ubbcode-body">Clinton: Pay debt by 2015
June 28, 1999: 6:05 p.m. ET
President sees $1 trillion more in surplus; fiscal '99 $20B more in black
NEW YORK (CNNfn) - President Clinton on Monday proposed paying off the national debt by 2015 after issuing a new budget outlook that adds $1 trillion more to the overall budget surplus over the next 15 years.
The president, who plans to unveil a major Medicare reform initiative on Tuesday, said he wants to use the surplus to add decades of solvency to the Social Security and Medicare systems, which are otherwise expected to go broke as the "Baby Boom" generation retires. </div></div>
<div class="ubbcode-block"><div class="ubbcode-header">Quote:</div><div class="ubbcode-body"><span style='font-size: 17pt'>"If we maintain our fiscal discipline, using the surplus to pay down the debt and using the savings to strengthen Social Security, America will entirely pay off the national debt by 2015," </span>Clinton told reporters on the White House lawn.
Clinton said the budget surplus for fiscal year 1999 would be a higher-than-expected $99 billion, compared to an earlier projection of $79 billion. For fiscal 2000, which begins Oct. 1, Clinton sees the budget surplus rising to $142.5 billion from an earlier projection of $117.3 billion.
"Improvements in the outlook since February have added $179 billion to the projected budget surplus over five years, half a trillion over 10 years, and a trillion over 15 years," Clinton said.
<span style='font-size: 20pt'>In February, the White House forecast a five-year surplus of about $700 million, a 10-year surplus of about $2.41 trillion and a 15-year surplus of about $4.47 trillion.</span> </div></div>
...........and then there was Bush.
Oh please ... you are now posting data again showing your original premise to be wrong.
The national debt rose all 8 years of the Clinton regime.
Their was no surplus under Clinton unless one allows for the mingling of SS pension funds with general income ... which would land a business operator in prison.
Under Clinton the feds most assuredly borrowed the money which was added to the cumulative debt.
You are embarrassing yourself my friend.
07-17-2010, 08:14 AM
If you take that chart at face value, it shows that over 8 years with Bush as president, it went up 5 trillion, and in the 18 months under obama it went up 3 trillion. So while Bush saw increases of approximately 600 billion per year, Obama is averaging 2 trillion a year, almost 4 times the increase rate under Bush.
Not a real good start.
You and I can look at the data and see that.
OTOH, some folks will never question what is put on the spoon for them.
The reality is that every US deficit since the advent of social security has been understated and it has been done by every congress and by both parties and Roosevelt, Truman, Eisenhower, Kennedy, Johnson, Nixon, Ford, Carter, Reagan, Bush I, Clinton, Bush II and Obama have all went along with it.
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