Myth of the Clinton surplus

Discussion in 'Politics' started by mex, Sep 19, 2012.

  1. mex
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    mex Active Member

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    [ame=http://www.youtube.com/watch?v=6-GlExX6sqw&feature=player_detailpage]Bill Clinton's Big Budget Surplus Debunked - YouTube[/ame]
     
  2. SniperFire
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    SniperFire Senior Member

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    This isn't hard.

    As hard as the Republicans tried, there was not one year in which the National debt did not go up during the Clinton years.
     
  3. Chris
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    Chris Gold Member

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    The Clinton years showed the effects of a large tax increase that Clinton pushed through in his first year, and that Republicans incorrectly claim is the "largest tax increase in history." It fell almost exclusively on upper-income taxpayers. Clinton’s fiscal 1994 budget also contained some spending restraints. An equally if not more powerful influence was the booming economy and huge gains in the stock markets, the so-called dot-com bubble, which brought in hundreds of millions in unanticipated tax revenue from taxes on capital gains and rising salaries.

    Clinton’s large budget surpluses also owe much to the Social Security tax on payrolls. Social Security taxes now bring in more than the cost of current benefits, and the "Social Security surplus" makes the total deficit or surplus figures look better than they would if Social Security wasn’t counted. But even if we remove Social Security from the equation, there was a surplus of $1.9 billion in fiscal 1999 and $86.4 billion in fiscal 2000. So any way you count it, the federal budget was balanced and the deficit was erased, if only for a while.

    FactCheck.org : The Budget and Deficit Under Clinton
     
  4. kidrocks
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    kidrocks Gold Member

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    President Clinton: 8 years of peace, progress and prosperity.
     
  5. Lakhota
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    Lakhota Diamond Member

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    Then tell Newt Gingrich to stop trying to take credit for Clinton's THREE balanced budgets and surpluses.
     
  6. GoneBezerk
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    GoneBezerk BANNED

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    Bill Clinton is full of shit, with some budget magic he started counting the Social Security surplus as part of the budget. He is a lying sack of shit about everything in his life....even liking his wife, Hillary.
     
  7. SniperFire
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    SniperFire Senior Member

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    Clinton freaked America out with his budget destroying Hillarycare, which led to the first Republican takeover of Congress in 40 years.


    The Republicans proceeded to bitchslap Clinton into submission, and the Republicans successfully took control of the checkbook before the sexual predator in the Oval Office could do an Obama on the budgets.
     
  8. mex
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    mex Active Member

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    here's another way to look at it. clinton was prez for how long? Add up the years he had a (supposed) surplus.

    Then subtract the deficits he had in the rest of the years.

    What do you get... is it red or black?

    Bragging about a clinton surplus is like a pathetic gambler losing 100,000 on the craps table, and going home and bragging to his wife he won 150 bucks on a poker machine, without mentioning the craps table.

    it's moronic.
     
    Last edited: Sep 19, 2012
  9. OKTexas
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    OKTexas New Life Member of the NRA 12/15 Supporting Member

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    Why, so the commiecrats can rewrite history uncontested? And the OP was correct, the national debt went up every year under smelly willy.
     
  10. healthmyths
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    healthmyths Gold Member Supporting Member

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    The Clinton Surplus was blown away because when the Dot.com BUST came in 2000 those people that lost the $5 trillion in market value, those 100,000s of jobs that when this list of companies went busted, it created a tax write off for the next 30 years of $166 billion!
    The stock market crash of 2000–2002 caused the loss of $5 trillion in the market value of companies from March 2000 to October 2002.

    List of companies significant to the bubble
    Boo.com, spent $188 million in just six months[15] in an attempt to create a global online fashion store. Went bankrupt in May 2000.[16]
    Startups.com was the "ultimate dot-com startup." Went out of business in 2002.
    e.Digital Corporation (EDIG): Long term unprofitable OTCBB traded company founded in 1988 previously named Norris Communications. Changed its name to e.Digital in January 1999 when stock was at $0.06 level. The stock rose rapidly in 1999 and went from closing price of $2.91 on December 31, 1999 to intraday high of $24.50 on January 24, 2000. It quickly retraced and has traded between $0.07 and $0.165 in 2010 .[17]
    Freeinternet.com – Filed for bankruptcy in October 2000, soon after canceling its IPO. At the time Freeinternet.com was the fifth largest ISP in the United States, with 3.2 million users.[18] Famous for its mascot Baby Bob, the company lost $19 million in 1999 on revenues of less than $1 million.[19][20]
    GeoCities, purchased by Yahoo! for $3.57 billion in January 1999. Yahoo! closed GeoCities on October 26, 2009.[21]
    theGlobe.com – Was a social networking service, that went live in April 1995 and made headlines by going public on November 1998 and posting the largest first day gain of any IPO in history up to that date. The CEO became in 1999 a visible symbol of the excesses of dot-com millionaires.
    GovWorks.com – the doomed dot-com featured in the documentary film Startup.com.
    pets.com - a former dot-com enterprise that sold pet supplies to retail customers before entering bankruptcy in 2000.
    open.com - Was a big software security producer, reseller and distributor, declared in bankruptcy in 2001.
    InfoSpace – In March 2000 this stock reached a price $1,305 per share,[22] but by April 2001 its price had crashed down to $22 a share.[22]
    lastminute.com, whose IPO in the UK coincided with the bursting of the bubble.
    The Learning Company, bought by Mattel in 1999 for $3.5 billion, sold for $27.3 million in 2000.[23]
    Think Tools AG, one of the most extreme symptoms of the bubble in Europe: market valuation of CHF 2.5 billion in March 2000, no prospects of having a substantial product (investor deception), followed by a collapse.[24]
    Webvan, an online grocer that operated on a "credit and delivery" system; the original company went bankrupt in 2001. It was later resurrected by Amazon.
    WorldCom, a long-distance telephone and internet-services provider that became notorious for using fraudulent accounting practices to increase their stock price. The company filed for bankruptcy in 2002 and former CEO Bernard Ebbers was convicted of fraud and conspiracy.
    Xcelera.com, a Swedish investor in start-up technology firms.[25] "Greatest one-year rise of any exchange-listed stock in the history of Wall Street." [26]
    Broadcast.com was acquired by Yahoo! for $5.9 billion in stock, making Mark Cuban a multi-billionaire. The site is now defunct and redirects to Yahoo's home page. [2]
    MicroStrategy, whose shares lost more than half their value on March 20, 2000, following their announcement of re-stated financials for the previous two years. A BusinessWeek editorial said at the time, "The company's misfortune is a wake-up call to all dot-com investors. The message: It's time, at last, to pay attention to the numbers."
    Dot-com bubble - Wikipedia, the free encyclopedia
     

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