| | | Clinton's tax increases? Now you are rewriting history. Bush Sr. infamously said, "Read my lips. No new taxes." Then after the Gulf War 1, he proceeded to work with Congress to raise taxes. Then after the shallow recession after the Gulf War, the economy took off and those tax increases delivered a lot of new revenues. Those tax increases from the Bush Sr era cost him the election and he became one of those few Presidents who don't win a second term. Then Clinton came in and road the wave. Now we have to give Bill some credit too. He was a moderate Democrat, who was largely friendly to businesses. After all, he did help Congress with the Telecom act of 1996, which unleashed the Internet boom and maintained a no sales tax posture on internet purchases long enough to incubate many nascent internet businesses. In addition, he also infamously worked with Congress on deregulating the banking industry by repealing Glass-Steagal, which also unleashed the financialization of our economy, which was glorious for the first 10 years and has turned out to be horrendous as the too big too fail banks have acquired a stranglehold on our economy. Anyway, all of that is the real history.
Again, Presidents aren't really responsible for the deficits or surpluses. It's Congress. I could keep repeating that for you, but I'm not sure you are absorbing that in your efforts to glamorize the Democratic Presidents. I do find it hilarious how you say Clinton was responsible for the surpluses, but Obama was not responsible for the horrendous trillion dollar deficits during his two terms. That's a double standard if I've ever heard one. |
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