Quote:

theory9 said:
Quote:

Historically, the United States government has tended to spend more than it takes in, with national debt that was close to $1,000,000,000 at the beginning of the 20th century. The budget for most of the 20th century followed a pattern of deficits during wartime and economic crises, and surpluses during periods of peacetime economic expansion. This pattern broke from fiscal years 1970 to 1997; although the country was nominally at peace during most of this time, the federal budget deficit accelerated, topping out (in absolute terms) at $290 billion for 1992. In 1998 - 2001, however, gross revenues exceeded expenditures. Subsequently the budget has returned to a deficit basis; the estimated U.S. deficit for fiscal year 2004 was $412.6 billion.



(From Wikipedia)



So how did Clinton get those deficits down in the first place? To begin with he increased taxes - that bastard! But if you weren't in he top 1.5% of households, the income tax didn't bother you. The gas tax was inreased such that the average family of four would have to pay $36 in new taxes per year! Flogging is to good for the likes of them! Finally, the coup de gras on America was an increase in the Social Security tax on the top 15% of wage earners! The wealthy was wear'n rags on that day, I tell you!

But wait! That was just to stem the bleeding they inherited in the GB I's last proposed Federal budget.

Then those Clintonista pirates really went to work! Under the leadership of that know-nothing scoundral, Robert Rubin, formerly a partner at Goldman, Sachs (this man took a pay cut of $26 Million dollars a year just so he could hurt America!) the Clintonistas then took secret measures on the deficit.

Acting just like the Corporate Finance wizards they had been in private life, they proceeded to Restructure the Debt! These Democrats know no shame! They started issuing increased levels of short term debt, T-Bills, and using the proceeds to retire the expensive long term bond debt issued over the years by the Good Republican Adimistrations that preceeded them! How did this diabolical little scheme work? THEY RELIED ON A NORMAL YIELD CURVE. Clintonista thuggery at it's height! Hillary must be responsible along with that NYC Jew boy, Rubin!



BTW If you don't believe me you can read memoirs of participants or dig through data at The Fed, which is a nightmare. I happened to work on a bond trading desk from '93 to '01 and remember how it went down. It's available on Bloomberg and probably Lexus/Nexus (not the cars, BSAMS, the database services). Get out your credit cards!

"Conservatives are not necessarily stupid, but most stupid people are conservatives." John Stuart Mill America is the only country that went from barbarism to decadence without civilization in between. Oscar Wilde He who dies with the most toys is nonetheless dead.