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Qtec
04-14-2011, 07:53 PM
<div class="ubbcode-block"><div class="ubbcode-header">Quote:</div><div class="ubbcode-body">President Clinton today projected that the country will enjoy a <span style='font-size: 14pt'>$1.9 trillion budget surplus over the next decade. He said the increase in the expected surplus means the United States government will be <u>debt-free by 2010.</u></span>

The fiscal 2001 budget surplus was projected at $256 billion, White House officials said. <span style='font-size: 17pt'>The fiscal 2000 surplus was $237 billion, officials said, which capped four straight years of budget surpluses.</span><span style="color: #990000">Oh my!</span>

<u>This was the first time the country has had four straight budget surpluses since 1930, officials said.</u>

Increase Improves

The increase in the surplus, which does not include the Social Security or the Medicare surplus, marks the ninth consecutive year in which the government’s bottom line has improved, a first.

In June, Clinton projected a 10-year surplus of $1.87 trillion. The new figure was $300 million higher.

“These are conservative numbers,” Clinton said at a White House news conference.

The booming economy also will allow the country to pay off the debt by 2009 if it dedicates its entire budget surplus to debt reduction, White House budget director Jack Lew said. “America is on track to becoming debt-free,” Lew said.

Over that same 10-year period, the surplus for Social Security is expected to grow to $2.5 trillion while the Medicare surplus is expected to grow to $532 billion, Lew said.

<span style='font-size: 17pt'><u>President-elect Bush</u> argued during his campaign that <u><span style="color: #3333FF">his proposal for more than $1.3 trillion in tax cuts over 10 years can be paid for by budget surpluses <span style='font-size: 26pt'>without eroding Social Security’s trust funds.</span></span></u></span> But he has also been cautioning of a potential downturn in the economy — a forecast that the White House deplored as without basis and likely to be damaging to the economy.

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link (http://abcnews.go.com/US/story?id=94572&page=1)



Q ..and some blame Obama????

wolfdancer
04-14-2011, 08:48 PM
Q, good find!!. Just some more Bush bs, "Hollow Man" making some empty promises that he could not keep. In his defense, he didn't understand economics, nor much of anything else. I blame his handlers, especially Cheney.

sack316
04-15-2011, 12:30 AM
Also interesting...

<div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: Qtec</div><div class="ubbcode-body">...But he (then Pres elect Bush) has also been cautioning of a potential downturn in the economy — a forecast that the White House deplored as without basis and likely to be damaging to the economy.
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A few months later the tech bubble burst. I'm no fan of Bush, but did HE actually foresee something the admin at the time didn't? /forums/images/%%GRAEMLIN_URL%%/confused.gif

Sack

LWW
04-15-2011, 03:15 AM
It seems that he did.

LWW
04-15-2011, 03:17 AM
Why do you cling so desperately to lies.

I'll ask you again ... just because I like watching you run under the couch to hide ... if the Clinton ran a surplus, why did the federal debt rise every year of the Clinton regime?

pooltchr
04-15-2011, 06:35 AM
If you don't mind, I will point him in the right direction.

A budget is how you PLAN to spend the money you THINK you are going to have. You budget $1000 a month to pay for and maintain your house. If you don't need any major repairs one year, you would have a budget surplus. But that should be put away, because next year, when you need a new roof, it's going to go over your budget.

Now, if you decide you want a new boat, but it's not in your budget, you go out and borrow $10,000 to get it. So your budget still had a surplus, but you increased your debt.

Steve

LWW
04-15-2011, 05:20 PM
It's worse than that.

The big gubmint guys use what is called "BASELINE" budgeting.

It works like this:

- My 2011 budget for my gubmint dept is $100,000.00.

- I request that it be raised to $200,000.00.

- The approved new budget for 2012 is $150,000.00 ... or $50,000.00 less than requested but still $50,000.00 more than the 2011 budget.

- This allows the congresspimp to tell the group that loves big gubmint that they raised my budget 25% for 2012.

- This allows the congresspimp to tell the group that hates big gubmint that they cut my budget by 25% for 2012.