The final measure Forbes uses is deficit reduction. Here, the gap in performance is simply off the charts. Bush the Elder's last deficit was $292 billion, the largest in history to date. Clinton took office in 1993 and immediately reversed Bush's supply side policies, raising taxes on the highest bracket tax payers. That policy allowed Clinton to work down the deficit to $107 billion by 1996. In cumulative terms, Clinton's first four years saw deficit reduction of $183 billion.
Clinton would go on in his second term to not only eliminate deficits but deliver the largest surpluses in history. In 2000, the surplus reached $236 billion. Bush quickly reversed course and turned Clinton's record surpluses into record deficits. For 2004, the deficit has soared to $422 billion. In cumulative terms, by reversing Clinton's surpluses, Bush has delivered $1.2 trillion of additional red ink.
Hey, it wasn't Clinton that shrank the deficit, Shorty says it was Newt. So..when Newt left and the Republican deficit hawks took over the whole government, not just the legislative branch, you would expect more good things, right? Well, spending went up 49% and the deficits..whew.
But it can't be Clinton that did any of that good stuff...can't be! |
