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Politics : Formerly About Advanced Micro Devices
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To: zzpat who wrote (1030555)9/15/2017 11:42:06 AM
From: i-node2 Recommendations

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Mick Mørmøny
rxbond

  Read Replies (2) of 1575427
 
>> We had balanced budgets under Clinton so the wheel was reinvented again but republicans thought success was something they needed to avoid so they cut taxes again.

We had projected balanced budgets under Clinton. That is not the same as a "balanced budget." It is more aspirational.

But you should keep in mind there is a reason that happened when it did. In FY97, the proposed budget deficit was $22 Billion which was a massive drop from when Clinton took office (then, the deficits were running close to $300 Billion).

a) There was a huge "peace dividend" that came from Reagan having ending the Cold War. The military budget in the decade dropped from 6% of GDP to 3% of GDP, essentially cut in half saving $260 Billion.

b) The tax cuts in 96 & 97, which provided intense economic stimulation, resulted in much higher tax revenues in the midst of an economic surge.

c) President Clinton's willing ness to cross the aisle and work with New Gingrich to get control of spending was legendary. These two provided leadership on getting control of spending and it was important in closing the gap.

These three things have been shown to account for just about 100% of the deficit reduction of that period. The challenge is far tougher today because Democrats and to a lesser extent Republicans, want nothing to do with cutting expenditures.
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