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Remember, we had massive deficits from the Reagan and Bush administrations?
Republicans said Clinton's budget would create a massive recession, destroy jobs, slow the economy, and was a total job destroyer. Those were the predictions by the GOP.
Not one Republican voted for the bill. 216 to 218 in the house.
The tax rate was raised on people making over $200,000 a year or 1.9% of the US population to 39%.
One year later, unemployment had dropped a full percentage point.
The economy did not slow.
Jobs weren't destroyed.
Not long after that, unemployment dropped to below 4%.
And the country was on the road to a surplus.
But Republicans learned a valuable lesson. They learned they could state only the facts they wanted and if they stayed unified, they could scare America into doing anything.
The next election, Democrats lost both the house and the senate. But the damage had been done. The US was on the road to prosperity. And it took George W. Bush's election and the continued control of both houses by the Republicans enabling them to put their deficit creating policies into place by using reconciliation three times. Policies that included massive tax cuts for the wealthy. The war on the poor. Wars without funding. The redistribution of the wealth from the middle class to the top 1%. No bid contracts.
For 6 years, Republicans held both the house and the senate. For the last two years of those six, they controlled the senate through a historic number of filibusters. Everything that was done under that first Clinton budget has been virtually destroyed.
And how do Republicans respond about being wrong about everything? First, about how wrong they were with Clinton's first budget and second, how wrong they were about all their dreadful policies under Bush?
They don't. They won't discuss them and for them, it's worked.
In 1993 Democrat President, House & Senate CUT Government Spending & the Deficit creating a Surplus to cover Baby-Boomers retirement because most of Government Revenue comes from Payroll Taxes Raised by Reagan/Bush.
In 2001 Republican President, House & Senate EXPLODED Government Spending & took the Payroll Tax Surplus from Workers & Gave it to Wall-Street Billionaires. Caused Massive Deficit Spending resulting in Skyrocketing Inflation.
Dick Cheney "Reagan proved that deficits don't matter. We won the mid-term elections, this is our due."
Both Bushs were Big Spending job loss disasters. Massive price increases during their terms. Clinton & Democrat congress CUT Spending. Obama has also slashed deficit spending.
Clinton & Obama administrations have the best job creation records. Employment of working age population consistantly rose at faster rates than at any of the best time under either Bush administration. Bushs destroyed massively destroyed more jobs than they ever created. Notice the steepest job growth occurred under the Clinton Administration with Democrat House & Senate.
probable national debt when obama leaves -----------20T plus
simple facts, no charts necessary. numbers don't lie
obama has been a total failure, worst president in history.
It was 20 years ago that Congress passed the surplus creating budget
The Fed govt hasn't run an annual surplus since 1957.
Evey year, it has borrowed more money to make ends meet, resulting in an National Debt that has increased every year without exception.
When we run a yearly surplus, the National Debt stays the same, or decreases for that year.
Better luck next time.
You Lie!
