"If non-military spending didn't increase, but everything else was the same, we would be having surpluses now," "
Yeah, yeah, and if the Clinton tax rates had been in effect for the last 12 years, and if the wars had been paid for, and if Medicare D had been paid for, the entire debt would just about be paid off. But they weren't, cuz
then along came George
Tall thin George
Slow-walkin' George
Slow-talkin' George
Along came long, lean, lanky George
The Clinton Administration Was Terrified About What Would Happen If It Paid Off The Entire National Debt
In 2000, economists were projecting that the U.S. would pay off its national debt.
Here's the kicker: Regardless of how the Fed proceeds, by 2012 the public debt will be retired according to current projections, leaving the government with net receipts above its expenditures. In order to deal with financial obligations mid century, the government may choose to save, and indeed invest this surplus.
Read more: http://www.businessinsider.com/clinton-seligman-life-after-debt-2011-10#ixzz24VxoPBWj |
