No To Oil Prices Ruining U.S. Economy

[Dirt McGirt]

Well, this is somewhat but not entirely true.

It is unlikely that Clinton would have balanced the budget without the tech bubble. Capital gains taxes skyrocketed in 1998 and 1999. It is also fair to say that the Republican Congress also deserved a share of the credit (unlike the bozos in Congress from 2002-2006).

Having said that, to say it had absolutely nothing to do with Clinton's budgets is false. They were Clinton's budgets. Plus, Slick Willie laid to rest the (bizarre) idea that tax increases don't increase revenues and balance the budget. The budget did get balanced because Clinton put the fiscal situation of the country into a place where it could be balanced.

So the credit for the surpluses go to Clinton, the Republican Congress and the tech bubble.

And that is far, far better than the reckless and irresponsible Republican Congress and the Bush administration of this decade, who told us that "deficits don't matter."

Actually the credit should go to Gore. He invented teh internets that allowed the tech bubble to happen.

 

[Toro]

Actually the credit should go to Gore. He invented teh internets that allowed the tech bubble to happen.

Yes. Thank you for correcting me.

 

[Toro]

Oh, and credit also goes to Bush I for raising taxes.