How Many Liberal Myths are there?

[JRK]

Well, let's see: you called me a motherfucker and a punk. You're apparently not as classy as you'd like to think. Nor are you as smart.



No. I'm correcting your lies. The government ran a surplus. You deny that. You're wrong. You'll never admit it because your wed to your lie.

What lies?
and I never called you anything to you posted our president calling all of us MFs
You talk about class, what do expect?

1) you called me a punk long before that.
2) I'm sorry you take my sigpic personally. Trust me, I don't. Responding to a general "you motherfuckers" in a sig pic that you apparently take personally by calling a specific individual a motherfucker is laughably low class. I expect no better.

The Link Provided Above is Allegedly False
from the author you keep calling a liar and me, but offer no proof such as this

The data in the link is accurate. We've been through this already.

The interpretation of that data is wrong, as I've explained on numerous occasions. Debt held by the public and total public debt are not the same thing - and debt held by the public (which is the marketable debt) declined in 1999 and 2000 - and that occurred because the government ran a surplus.

You know what the largest Myth to me is?
That corporations pay taxes
Our president and all of congress debates on how hi taxes on a corporation should be, but the left makes it worse
There claim is by raising corporate taxes, the working man is spared and the evil rich corporations will pick up the tab
A corporation is a piece of paper
Paper cannot pay taxes, people pay taxes

 

[JRK]

I would say we can add wiener gate o the list of liberal myths

 

[NYcarbineer]

Clinton Surplus
The Myth of the Clinton Surplus

So why do they say he had a surplus?

As is usually the case in claims such as this, it has to do with Washington doublespeak and political smoke and mirrors.

Understanding what happened requires understanding two concepts of what makes up the national debt. The national debt is made up of public debt and intragovernmental holdings. The public debt is debt held by the public, normally including things such as treasury bills, savings bonds, and other instruments the public can purchase from the government. Intragovernmental holdings, on the other hand, is when the government borrows money from itself--mostly borrowing money from social security.

Looking at the makeup of the national debt and the claimed surpluses for the last 4 Clinton fiscal years, we have the following table:

Fiscal
Year End
Date Claimed
Surplus Public
Debt Intra-gov
Holdings Total National
Debt
FY1997 09/30/1997 $3.789667T $1.623478T $5.413146T
FY1998 09/30/1998 $69.2B $3.733864T $55.8B $1.792328T $168.9B $5.526193T $113B
FY1999 09/30/1999 $122.7B $3.636104T $97.8B $2.020166T $227.8B $5.656270T $130.1B
FY2000 09/29/2000 $230.0B $3.405303T $230.8B $2.268874T $248.7B $5.674178T $17.9B
FY2001 09/28/2001 $3.339310T $66.0B $2.468153T $199.3B $5.807463T $133.3B


Notice that while the public debt went down in each of those four years, the intragovernmental holdings went up each year by a far greater amount--and, in turn, the total national debt (which is public debt + intragovernmental holdings) went up. Therein lies the discrepancy.

When it is claimed that Clinton paid down the national debt, that is patently false

Who's claiming Clinton paid down the national debt?

The fact is Clinton had a budget surplus for several years. That is a fact.

 

[JRK]

Clinton Surplus
The Myth of the Clinton Surplus

So why do they say he had a surplus?

As is usually the case in claims such as this, it has to do with Washington doublespeak and political smoke and mirrors.

Understanding what happened requires understanding two concepts of what makes up the national debt. The national debt is made up of public debt and intragovernmental holdings. The public debt is debt held by the public, normally including things such as treasury bills, savings bonds, and other instruments the public can purchase from the government. Intragovernmental holdings, on the other hand, is when the government borrows money from itself--mostly borrowing money from social security.

Looking at the makeup of the national debt and the claimed surpluses for the last 4 Clinton fiscal years, we have the following table:

Fiscal
Year End
Date Claimed
Surplus Public
Debt Intra-gov
Holdings Total National
Debt
FY1997 09/30/1997 $3.789667T $1.623478T $5.413146T
FY1998 09/30/1998 $69.2B $3.733864T $55.8B $1.792328T $168.9B $5.526193T $113B
FY1999 09/30/1999 $122.7B $3.636104T $97.8B $2.020166T $227.8B $5.656270T $130.1B
FY2000 09/29/2000 $230.0B $3.405303T $230.8B $2.268874T $248.7B $5.674178T $17.9B
FY2001 09/28/2001 $3.339310T $66.0B $2.468153T $199.3B $5.807463T $133.3B


Notice that while the public debt went down in each of those four years, the intragovernmental holdings went up each year by a far greater amount--and, in turn, the total national debt (which is public debt + intragovernmental holdings) went up. Therein lies the discrepancy.

When it is claimed that Clinton paid down the national debt, that is patently false

Who's claiming Clinton paid down the national debt?

The fact is Clinton had a budget surplus for several years. That is a fact.

the next thread I read that states Clinton left GWB with a surplus if i think about it I will post it here for you
the spin is W was left with a surplus
It is true Clinton had Budget surpluses, no matter how social security was used, no matter who controlled congress
I think it is critical that we it be mentioned that we where within 162 billion of breaking even in 2007, the last GOP budget from 2006

 

[NYcarbineer]

Clinton Surplus
The Myth of the Clinton Surplus

So why do they say he had a surplus?

As is usually the case in claims such as this, it has to do with Washington doublespeak and political smoke and mirrors.

Understanding what happened requires understanding two concepts of what makes up the national debt. The national debt is made up of public debt and intragovernmental holdings. The public debt is debt held by the public, normally including things such as treasury bills, savings bonds, and other instruments the public can purchase from the government. Intragovernmental holdings, on the other hand, is when the government borrows money from itself--mostly borrowing money from social security.

Looking at the makeup of the national debt and the claimed surpluses for the last 4 Clinton fiscal years, we have the following table:

Fiscal
Year End
Date Claimed
Surplus Public
Debt Intra-gov
Holdings Total National
Debt
FY1997 09/30/1997 $3.789667T $1.623478T $5.413146T
FY1998 09/30/1998 $69.2B $3.733864T $55.8B $1.792328T $168.9B $5.526193T $113B
FY1999 09/30/1999 $122.7B $3.636104T $97.8B $2.020166T $227.8B $5.656270T $130.1B
FY2000 09/29/2000 $230.0B $3.405303T $230.8B $2.268874T $248.7B $5.674178T $17.9B
FY2001 09/28/2001 $3.339310T $66.0B $2.468153T $199.3B $5.807463T $133.3B


Notice that while the public debt went down in each of those four years, the intragovernmental holdings went up each year by a far greater amount--and, in turn, the total national debt (which is public debt + intragovernmental holdings) went up. Therein lies the discrepancy.

When it is claimed that Clinton paid down the national debt, that is patently false

Who's claiming Clinton paid down the national debt?

The fact is Clinton had a budget surplus for several years. That is a fact.

the next thread I read that states Clinton left GWB with a surplus if i think about it I will post it here for you
the spin is W was left with a surplus
It is true Clinton had Budget surpluses, no matter how social security was used, no matter who controlled congress
I think it is critical that we it be mentioned that we where within 162 billion of breaking even in 2007, the last GOP budget from 2006

Bush himself said he was left a surplus. Why was he spinning it?

 

[JRK]

Who's claiming Clinton paid down the national debt?

The fact is Clinton had a budget surplus for several years. That is a fact.

the next thread I read that states Clinton left GWB with a surplus if i think about it I will post it here for you
the spin is W was left with a surplus
It is true Clinton had Budget surpluses, no matter how social security was used, no matter who controlled congress
I think it is critical that we it be mentioned that we where within 162 billion of breaking even in 2007, the last GOP budget from 2006

Bush himself said he was left a surplus. Why was he spinning it?

He also said he was left with a recession 8 weeks out
He also stated that the economy lost millions of jobs from 01-03
Household survey indicators show some improvement in 2004 (March 2005)
(Abstract) (Excerpt) (PDF)

The US labor market in 2003: signs of improvement by year’s end (March 2004)
(Abstract) (Excerpt) (PDF)

US labor market in 2002: continued weakness (February 2003)
(Abstract) (Excerpt) (PDF)

US labor market in 2001: economy enters a recession (February 2002)
(Abstract) (Excerpt) (PDF)

The job market in 2000: slowing down as the year ended (February 2001)
(Abstract) (Excerpt) (PDF)

http://www.bls.gov/cps/lfcharacteristics.htm#unemp