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Politics : Al Gore vs George Bush: the moderate's perspective
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To: pezz who wrote (30)8/23/2000 10:30:00 AM
From: DavesM   of 10042
 
One aspect that most people are missing about the debt, is that during the Clinton Administration, interest rates declined, meaning that the cost of financing the debt is less. In addition, I believe the Clinton Administration has been retiring long term debt, and shifting it to shorter term instruments (normally short term Government paper has a lower yield than long term). With a 5 trillion public debt, every 1% overall reduction in bond rates means a 50 billion decrease in interest payments to the debt. Unfortunately if short term interest rates continue to climb, you may see the surplus shrink relatively quickly.
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