Whoops, of course you're right, it was half a billion, $500 million or so that the BC team collected. The point remains though.
A tax cut in a time of surplus would be fine.... (a) if we hadn't already spent the money in the past (the debt), and (b) if we hadn't already promised the money in the future (SS).
And, of course, this great surplus is still a figment of imagination. All sorts of bad things can happen to make it disappear. Like recessions. Like flat or down stock markets. Remember those?
It's far better to pay down the debt. I know you think it can't be done. Perhaps I should be buying bridges, but I actually think it can be done, especially when Congress is so balanced. I think Gore would have paid down more debt, if he had taken office. If Bush would recognize that he was elected not only without a majority of votes cast, but without even a plurality of votes, he might even be able to do it. But frankly, I don't think it's in his mentality to recognize this. It was in Clinton's power to recognize that he only had a plurality (it was, to be sure, much easier for him since he had to deal with Republican Congressional majorities most of the time), and he made important changes his agenda. But the Republicans aren't going to let this opportunity pass, they believe that they are now in the driver's seat. I think that they may be very surprised in '02.
Anyway, of course you're right, it was $500 million.
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