Clinton left the White house in debt because he is a criminal and needed to defend himself.
5 trillion surplus? are you high?
First of all, the budget surpluses that he touted amounted to a total of 350 billion in the 2 biggest bubble years in the history of our financial markets. So he expected to see 3X the performance of the highest 2 tax years ever, on average, for the next 10 years.
Gee, that couldn't be a political pile of crap used to smokescreen his departure while he was looting the white house, looting his jet and pardoning 4 dozen criminals...
Since then, 8 trillion dollars has been removed from the books, most of it during the last year of his tenure. Second of all, his projections were based on an acceleration of the bubble that was created under the perfect storm of the Asian recovery, y2k and the advent of the internet. You must have heard by now that the markets were in a bubble that had already leaked over 50% by the time that he was leaving office. Of course, why would a democrat admit that expected tax revenues projected form capital gains might not exist in a year that the market drops 50%? lol
Perhaps if Clinton had not neglected the military for 8 years, there would not have been a need to massively rebuild it as well.. Clinton will go down as the most damaging president in the history of the US. But it was a party, wasn't it? lol
This must be your "source" of information:
LOL
***** The New York Times
December 29, 2000, Friday, Late Edition - Final
SECTION: Section A; Page 1; Column 3; National Desk
HEADLINE: 10-YEAR ESTIMATE OF BUDGET SURPLUS SURGES ONCE MORE
BYLINE: By RICHARD W. STEVENSON
DATELINE: WASHINGTON, Dec. 28
The Clinton administration handed a parting gift to President-elect
George W. Bush today, projecting that the federal budget surplus
would swell substantially, to nearly $5 trillion, over the next
decade.
Administration officials said they expected the surplus to total
$4.996 trillion in the 10 years beginning with the start of the next
fiscal year, on Oct. 1, 2001. That amounts to an increase of just
over $800 billion from the administration's previous projection, of
$4.193 trillion for the 10 years that started this October.
Although such long-range projections are subject to change with ups
and downs in the economy and are not a tool of great precision, the
new estimates give Mr. Bush more wiggle room in his efforts to
convince Congress and the public that his tax cut proposal, valued at
some $1.6 trillion over 10 years, is affordable.
Clearly aware that the figures would further intensify the pent-up
Republican demand for tax cuts, President Clinton used the release of
the new projections to make a case for using the surplus to eliminate
the $3.4 trillion national debt faster.
Speaking to reporters at the White House, Mr. Clinton said the debt
could be paid off by 2009 or 2010, two years ahead of his previous
estimate. And he said that staying a course of debt reduction would
yield benefits to consumers and the economy in the form of lower
interest rates and the flexibility to allocate tax revenue to more
productive uses than paying interest on Treasury bonds....
The administration's projections are to be followed next month by new
surplus estimates from the Congressional Budget Office, whose figures
are more typically used in turning proposals into legislation. The
budget office is also likely to show the surplus rising hundreds of
billions of dollars, probably to a level higher than the figure of
nearly $5 trillion used by the White House today.... ***** |
