Did clinton really balance the budget?

[Lesh]

Clinton's first two years was a prelude to the Progressive Socialist hardliners we see today. Hillary had a say then. The Republican revolution in 1994 saved him. Of course, without Perot he would be an asterisk. And George Sr. and Dole were D.C. lifers.

All of that has anything to do with this thread premise

Par for the course with this poster

 

[Toddsterpatriot]

The fall of the Soviet Union and the policy changes going back to Reagan allowed Clinton and the congresses he oversaw balance the budget. To be fair he actually took the opprotunity to do it, which he deserves credit.

But then the draw of $$ became to0 great over time. Then throw in 9/11, the 2008 bank crisis, and COVID and the runaway borrowing spree was on.

Clinton's Internet Bubble was cool.

 

[my2¢]

George H.W. Bush deserves partial credit with his stance against Reagan's Voodoo economics. Also, with the Democrats holding the majority in both the Senate and House, Bush's assistance in getting congressional Republicans to back Clinton's 1993 Deficit Reduction Act was helpful.

I'd split the credit, giving Clinton 65% and GHW Bush 35%.

 

[Muhammed]

Then why do presidents get the credit or blame for the economy?

The president's policies effect the economy.

For example, when you open the border and let in a bunch of 3rd world foreigners like Biden and the Dems have done, that is going to weaken the job market putting downward pressure on wages, while at the same time inflating the price of food, fuel and housing.

Another example is the president threatening to ban fracking, end fossil fuels, the price of fuel will skyrocket. The the price of fuel goes up, that causes the price of all consumer goods to rise too. Bidenflation.

 

[ThisIsMe]

Yes the did balance the budget

Why does Cato spin it as if he didn’t? Because they love tax cuts and Bush USED that surplus (and more) to fund his tax cuts.

They couldn’t wait to spend that surplus

The Budget and Deficit Under Clinton - FactCheck.org

OK, so that's why I asked it as a question. Seems Cato is saying it was a republican congress who policies drove much of the Clinton surplus.

And you are talking about Bush Jr when referring to spending the surplus, not Bush Sr

 

[imawhosure]

The fall of the Soviet Union and the policy changes going back to Reagan allowed Clinton and the congresses he oversaw balance the budget. To be fair he actually took the opprotunity to do it, which he deserves credit.

But then the draw of $$ became to0 great over time. Then throw in 9/11, the 2008 bank crisis, and COVID and the runaway borrowing spree was on.

Marty is correct. It was called the "peace dividend." Being the lone superpower left at the time, we were able to lower defense spending, while raising domestic spending, and still saving money in the process.

Conservatives will cringe when I say that-----------> The Clinton Presidency was a very good Presidency, his foibles aside. Point is----->he was able to execute the fiscal side, because Reagan and Bush pushed the Soviets into collapse. It was the golden time of freedom across the globe, with Germany starting to be reunited, and Poland along with others, becoming free.

But then again.......these actions also created Vlady; so the Presidents following did NOT do a great job, as we now see from what Putin is doing.

 

[martybegan]

Clinton's Internet Bubble was cool.

That wasn't a bad drop, because the industries impacted were immature to begin with.

The 2008 one was worse, because it impacted established businesses, investment banks, regular banks, and impacted credit.

 

[martybegan]

Marty is correct. It was called the "peace dividend." Being the lone superpower left at the time, we were able to lower defense spending, while raising domestic spending, and still saving money in the process.

Conservatives will cringe when I say that-----------> The Clinton Presidency was a very good Presidency, his foibles aside. Point is----->he was able to execute the fiscal side, because Reagan and Bush pushed the Soviets into collapse. It was the golden time of freedom across the globe, with Germany starting to be reunited, and Poland along with others, becoming free.

But then again.......these actions also created Vlady; so the Presidents following did NOT do a great job, as we now see from what Putin is doing.

I'd take Bill Clinton over any current Democrat in a second. He was a liberal in the classic sense, and he was pragmatic.

 

[Nostra]

? The question was, did the balanced budget happen BECAUSE of Clinton, or did it just happen while he was there, but set up by the administration before him?

It was the Gingrich Congress. Clinton vetoed the budget twice, then signed it when faced with an override by the a senate. Then Slick took credit for it.

 

[wamose]

Clinton got the initial financial windfall from signing NAFTA. But NAFTA and the other so called free trade agreements have actually developed into corrupt, globalist, job killing, wage depressing, prosperity depressing, welfare increasing elitist con jobs. So what started out as an amazing economic stimulator, ended up being a destructive force on our middle class. Was it worth it? No. I'd compare it to the euphoria from the first shot of heroin before addiction and despair sets in. For me, free trade always sucked. Globalists and elitists are the only ones that benefit from free trade. And now our country, in its insane desire for slaves, has opened our border on top of those evil free trade agreements. Fixing this problem is exactly what Trumpy is doing with tariffs and deportations. Elitist Democrats and neocons suck.

 

[Dragonlady]

Cato institute thinks otherwise.

https://www.cato.org/commentary/no-bill-clinton-didnt-balance-budget#

And before you say it:

Media bias fact check says this:

Bias Rating: RIGHT-CENTER (4.7)
Factual Reporting: HIGH (1.8)
Country: USA
MBFC’s Country Freedom Rank: MOSTLY FREE
Media Type: Organization/Foundation
Traffic/Popularity: Medium Traffic
MBFC Credibility Rating: HIGH CREDIBILITY

They seem to think it was George H W Bush and the republican congress who's policies are what lead to the Clinton surplus.

Thoughts?

Bullshit on the George H.W. Bush notion, but yes, Newt Gingerich and the Republican Congress deserve SOME, but nowhere near ALL of the credit. A HUGE part of the balanced budget had to do with Clinton increasing the minimum wage which both reduced unemployment, and increased federal revenues, and that increase is ALL on Bill Clinton.

The only time Republicans have increased the MM since Carter was in office, was 2008, as the economy was crashing. Instead of increasing the MM, Republicans keep increasing earned income credits, which increases the deficit and acts as a wage subsidy to Americans most profitable corporation.

 

[Lesh]

The Budget and Deficit Under Clinton - FactCheck.org

Q: During the Clinton administration was the federal budget balanced? Was the federal deficit erased? A: Yes to both questions, whether you count Social Security or not. FULL ANSWER This chart, based on historical figures from the nonpartisan Congressional Budget Office, shows the total deficit...

www.factcheck.org

 

[Toddsterpatriot]

That wasn't a bad drop, because the industries impacted were immature to begin with.

The 2008 one was worse, because it impacted established businesses, investment banks, regular banks, and impacted credit.

Yeah, the HUD subprime mandates started at 30% under GHW Bush. Clinton jumped them to 50% by the end of his term. W bumped them up to 56%, I think.

 

[Toddsterpatriot]

Bullshit on the George H.W. Bush notion, but yes, Newt Gingerich and the Republican Congress deserve SOME, but nowhere near ALL of the credit. A HUGE part of the balanced budget had to do with Clinton increasing the minimum wage which both reduced unemployment, and increased federal revenues, and that increase is ALL on Bill Clinton.

The only time Republicans have increased the MM since Carter was in office, was 2008, as the economy was crashing. Instead of increasing the MM, Republicans keep increasing earned income credits, which increases the deficit and acts as a wage subsidy to Americans most profitable corporation.

A HUGE part of the balanced budget had to do with Clinton increasing the minimum wage which both reduced unemployment, and increased federal revenues,

How does increasing the minimum wage reduce unemployment?

Walk me through the steps of your theory.

Republicans keep increasing earned income credits, which increases the deficit and acts as a wage subsidy to Americans most profitable corporation.

The EITC incentivizes work.

 

[norwegen]

Gingrich, not Clinton.

Exactly. The contract with America, not Clinton.

 

[martybegan]

Yeah, the HUD subprime mandates started at 30% under GHW Bush. Clinton jumped them to 50% by the end of his term. W bumped them up to 56%, I think.

There are plenty of people to blame for 2008, it just doesn't have to be one person on group of people.

 

[Toddsterpatriot]

There are plenty of people to blame for 2008, it just doesn't have to be one person on group of people.

I agree, lots of blame to go around.
Government incentives often distort markets.

 

[martybegan]

I agree, lots of blame to go around.
Government incentives often distort markets.

And the people bundling the MBS's and CDO's didn't want the party to stop. Nor did the local governments making massive gain from tax money. Nor did the people getting mortgages they couldn't actually afford.

 

[Independent thinker]

Cato institute thinks otherwise.

https://www.cato.org/commentary/no-bill-clinton-didnt-balance-budget#

And before you say it:

Media bias fact check says this:

Bias Rating: RIGHT-CENTER (4.7)
Factual Reporting: HIGH (1.8)
Country: USA
MBFC’s Country Freedom Rank: MOSTLY FREE
Media Type: Organization/Foundation
Traffic/Popularity: Medium Traffic
MBFC Credibility Rating: HIGH CREDIBILITY

They seem to think it was George H W Bush and the republican congress who's policies are what lead to the Clinton surplus.

Thoughts?

It's like this. Bill Clinton was president. Republicans swept into power with their Contract With America and owned Congress. Bill Clinton was smart enough to know that if he was going to be remembered as any kind of a good president at all, he was going to have to go along with the people and Congress. So, Republicans held his hand behind his back and made him cry uncle and we kind of sort of came close to balancing the budget for a short while.

Bottom line, I say let's take politics out of it and, since most people blame both parties for the national debt, then we should congratulate both parties under the Clinton presidency regarding outstanding progress on that debt.

But, at some point, I can't remember when, we tried balancing the budget by stealing money from the Social Security Trust Fund with a shell game trick.

 

[Dont Taz Me Bro]

Then why do presidents get the credit or blame for the economy?

The buck stops here.