Republicans Talking About the 1990s Budget Surplus Thread

Discussion in 'Politics' started by Toro, Jul 6, 2011.

  1. Toro
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    This thread is to quote Republicans regarding the federal government budget surplus in the 1990s.

    First up, Greg Mankiw, Chairman of the Council of Economic Advisers Under President Bush in a Fortune article dated March 20, 2000. He talks about what to do with the surplus and notes that there might not be a surplus going forward.

    He notes that the CBO has estimated the national debt will be paid off in a decade, all things being equal.

    Mankiw doubts - correctly - that the budget surplus will be there in the future. Interestingly, he notes that one reason why tax receipts are so high is because both Bush I and Clinton raised taxes.

    http://www.economics.harvard.edu/files/faculty/40_mar00.html
     
  2. Toro
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    Next up, former Senate Majority leader proposes what to do with the budget surplus. This is in the Republican response to the 1998 State of the Union address.

    GOP Differs on Use of Budget Surplus - Los Angeles Times
     
  3. Toro
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    Candidate George W Bush promises to return the budget surplus to the voters in the form of tax cuts during the 2000 election.

    George W. Bush on the Issues
     
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    Publisher Stephen Forbes says that the budget surpluses should not be used to increase spending. From 1999.

    Steve Forbes on Budget & Economy
     
    Last edited: Jul 6, 2011
  5. NYcarbineer
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  6. Toro
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    The Cato Institute writes about the budget surplus.

    New Budget Surplus Projections Indicate Room for More Tax Cuts | Chris Edwards | Cato Institute: Daily Commentary
     
  7. Toro
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    The Heritage Foundation talks about the "myths" of the budget surplus. However, these "myths" are not that there was no surplus. Rather, they argue, the surplus was not due to Clinton and the Republican Congress.

    Ten Myths About Budget Deficits and Debt | The Heritage Foundation

    OK, I'm not going to argue with that. I had known that the stock market boom increased capital gains receipts. In fact, I had read that this increase was the reason why we had a surplus.

    But I'm not looking at ascribing responsibility for the surplus. I'm just showing that everyone acknowledged there was a surplus, particularly by people with no vested interest in making Democrats look good.
     
  8. Toro
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    Here is an interview with Milton Friedman on what to do with the budget surplus.

    Friedman on the Surplus | Hoover Institution
     
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    Paul O'Neill, Bush's first Secretary of the Treasury, talks about the budget surplus he inherited.

    An Interview with Paul O'Neill

    O'Neill notes that the reason why we were in a surplus was because of a surge in payroll taxes, which is what occurred when the trust funds were in surplus. He notes that without this increase in the trust fund surpluses, there would not have been a fiscal budget surplus. That's fine.
     
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