It would help if you were more than semi-literate.
>>In 1993 the Congress passed the Balanced Budget Act, NOT ONE REPUBLICAN voted for it.
It was a needless tax increase, that greatly slowed economic growth from what it had been. The GOP votes were correct.
>>They, in fact claimed it would end the pathetic recovery that had been under way. Instead, it resulted in a consistent decline in the Federal deficit, the lowest unemployment since LBJ was President and the longest, brightest and most impressive economic boom in U.S. history.
Wrong. That needless tax increase - the opposite of what Clinton/Gore campaigned on - remember that HUGE LIE of a "middle class tax cut"? - greatly slowed the continuing Reagan/Bush expansion, which had resumed in vigor in March 1991. IN fact, economic growth under Clinton slowed markedly from the Reagan years, from an average of 4.3% to 3.7%.
The current leg of the Reagan/Bush expansion resumed about TWO YEARS before Clinton/Gore lied their way into office. Try to worm your way out of that fact.
Clinton fought the balanced budget at every turn:
The Clinton legacy
"The Clinton era was marked by four major developments in Washington: the failure of his health care plan, enactment of welfare reform, arrival of a balanced budget, and impeachment," Fred Barnes writes in the Weekly Standard.
"Not one of these was sought by Clinton — quite the opposite. A wiser politician would not have turned his most significant domestic initiative, national health care, over to his wife. Nor would he have spurned reasonable compromises offered by leading Republicans. Clinton wound up with nothing. Now he claims it was impossible, given the circumstances, for national health care to have won approval by Congress (then controlled by Democrats). Shouldn't a politician with his supposed gifts have sensed that at the time?" Mr. Barnes asks.
"Clinton brags about welfare reform and a balanced budget. But he had little to do with either. Sure, he talked about ending welfare 'as we know it.' The bill written by Republicans, terminating the welfare entitlement altogether, was far from what he envisioned, however. He signed it reluctantly and only after political adviser Dick Morris warned he'd lose the 1996 election if he didn't. He and his aides vehemently opposed a balanced budget — until pressure by congressional Republicans made that position untenable. So, as with welfare reform, Clinton acquiesced. And impeachment? Clinton says it's a badge of honor. Right. In any case, he didn't seek it."
washtimes.com
>>Lastly, if you actually believe that Rubin, Summers, etc., didn't know what they were doing you shouldn't be investing because you don't understand enough about economics, business or fiscal policy to make educated investment decisions.
Well, you obviously are a know-nothing. Again, the current leg of the Reagan/Bush expansion resumed about TWO YEARS before Clinton/Gore lied their way into office.
Monday January 8, 11:06 am Eastern Time
US recession seen in first half 2001-Morgan Stanley
NEW YORK, Jan 8 (Reuters) - The U.S. economy will probably sink into recession in the first half of 2001, breaking its longest expansion in history, Morgan Stanley Dean Witter's chief economist forecast on Monday.
Stephen Roach said U.S. gross domestic product, the main measure of the economy's health, would likely contract by 1.25 percent over the first half of 2001. His firm now expects 1.1 percent U.S. GDP growth for the entire year, sharply reduced from a previous forecast of 2.5 percent annual growth.
``The cumulative forces of contraction are both accelerating and deepening in the U.S.,'' Roach told Reuters in a telephone interview.
Roach cited slipping consumer confidence, rising jobless claims, protracted weakness in the manufacturing sector as well as a recent slide in equity prices as likely to cause the first contraction in the world's largest economy in more than a decade.
``All of that together to me is a classic sign of the U.S. economy that has now moved into recession,'' Roach said....
biz.yahoo.com
So now we have recession. Finally, something Clinton can take credit for. |
