Post by grayfingers on Apr 14, 2012 17:30:52 GMT -5
The Myth of Clintonomics
www.endofinnocence.com/2011/07/myth-of-clintonomics.html
Ever since the Clinton administration, every believer in Clintonomics (including some Republicans!) could not actually explain how Bill Clinton created a surplus – and yet I have read only one refutation of Clintonomics and met only a handful of skeptics. Now that’s faith.
One reason the believers in Clintonomics have difficulty explaining the surplus is because the surplus occurred in 1999 and 2000 – several years after the Republicans took over the House and the Senate – and I have never heard any believer credit the Republican Congress under Clinton for the budget surplus. In fact, in the last couple of years, several believers I've spoken with have tried to deny that the Republicans took over the House in 1994 and the Senate in 1996!
Believers in Clintonomics would have to really jump through some hoops to try to credit Clinton but not the Republican Congress. However, defending Clintonomics is actually far more difficult than merely trying credit Clinton while denying the Congress because pretty much all of the facts are arrayed against the myth of Clintonomics – except for the convenient but trivial fact that he was in the right chair at the right time.
The correct phrase, passed down from believer to believer, is:
“Bill Clinton presided over a surplus.”
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The Clinton Surplus Myth
finance.townhall.com/columnists/craigsteiner/2011/08/22/the_clinton_surplus_myth/page/full/
The claim is generally made that Clinton had a surplus of $69 billion in FY1998, $123 billion in FY1999 and $230 billion in FY2000 . In that same link, Clinton claimed that the national debt had been reduced by $360 billion in the last three years, presumably FY1998, FY1999, and FY2000--though, interestingly, $360 billion is not the sum of the alleged surpluses of the three years in question ($69B + $123B + $230B = $422B, not $360B).
While not defending the increase of the federal debt under President Bush, it's curious to see Clinton's record promoted as having generated a surplus. It never happened. There was never a surplus and the facts support that position. In fact, far from a $360 billion reduction in the national debt in FY1998-FY2000, there was an increase of $281 billion.
www.endofinnocence.com/2011/07/myth-of-clintonomics.html
Ever since the Clinton administration, every believer in Clintonomics (including some Republicans!) could not actually explain how Bill Clinton created a surplus – and yet I have read only one refutation of Clintonomics and met only a handful of skeptics. Now that’s faith.
One reason the believers in Clintonomics have difficulty explaining the surplus is because the surplus occurred in 1999 and 2000 – several years after the Republicans took over the House and the Senate – and I have never heard any believer credit the Republican Congress under Clinton for the budget surplus. In fact, in the last couple of years, several believers I've spoken with have tried to deny that the Republicans took over the House in 1994 and the Senate in 1996!
Believers in Clintonomics would have to really jump through some hoops to try to credit Clinton but not the Republican Congress. However, defending Clintonomics is actually far more difficult than merely trying credit Clinton while denying the Congress because pretty much all of the facts are arrayed against the myth of Clintonomics – except for the convenient but trivial fact that he was in the right chair at the right time.
The correct phrase, passed down from believer to believer, is:
“Bill Clinton presided over a surplus.”
------------------------------------------------------
The Clinton Surplus Myth
finance.townhall.com/columnists/craigsteiner/2011/08/22/the_clinton_surplus_myth/page/full/
The claim is generally made that Clinton had a surplus of $69 billion in FY1998, $123 billion in FY1999 and $230 billion in FY2000 . In that same link, Clinton claimed that the national debt had been reduced by $360 billion in the last three years, presumably FY1998, FY1999, and FY2000--though, interestingly, $360 billion is not the sum of the alleged surpluses of the three years in question ($69B + $123B + $230B = $422B, not $360B).
While not defending the increase of the federal debt under President Bush, it's curious to see Clinton's record promoted as having generated a surplus. It never happened. There was never a surplus and the facts support that position. In fact, far from a $360 billion reduction in the national debt in FY1998-FY2000, there was an increase of $281 billion.