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Politics : Formerly About Advanced Micro Devices
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To: Scumbria who wrote (123223)8/29/2000 3:51:58 PM
From: TimF   of 1575991
 
OT

The list is tremendous, but I will point out the cornerstone. The 1992 Deficit Reduction Act, turned the tide on the economic malaise caused by deficit panic. Until that bill passed, the general perception was that the exploding deficit was going to bankrupt the country.

The deficit was large and was not shrinking until the REpublicans won congress. Even Clinton's projections for the budget had the budget finally being balanced 10 years out. If the Clinton health care plan had passed then even with the increased revanue deficits would have continued.

Do you remember the pre-Clinton days of exploding $300 billion deficits, and the feeling of impending economic doom the country felt in the late 80's and early 90's?

There was a mild recession and large but not exploding deficits before Clinton was elected. We were all ready comming out of the recession before Clinton was elected. The growth of the economy from the recession would have increased tax revenue and reduced or eliminated the deficit with out any input needed from Clinton. (Esp. when you consider new spending under Clinton that would also have been eliminated in this case) The period just before that recovery started was basicly a pause in the long period of growth that began early in Reagan's administration and continues to today.

Tim
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