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Politics : Clinton's Scandals: Is this corruption the worst ever?
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To: anyer who wrote (2166)8/19/1998 11:23:00 PM
From: Les H   of 13994
 
Agreed. The deficits also started exploding by the late 70's because the Social Security surplus' was used up. Recall the 1981 tax increase to attempt to save Social Security. The Democratic congress of the 70's deserve the lion share of the blame. During the 70's before the indexing to the CPI, Social Security benefits were being increased 10-20% per year. They were using Social Security to buy the elderly vote and pay for Vietnam and whatever else.

In the 1980's, they started indexing the tax brackets on an annual basis according to the CPI. This contributed to the exploding deficits in the late 1980's and 1990's in addition to the spending that you mention. In the early 90's, the Recession and the S&L Bailout ballooned the shortfall. Clinton arrived after the end of both events.
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