Republicans have ran up more of that national debt than Democrats do.
In fact, the only two times we've had balanced budgets- Bill Clinton and LBJ. And it wasn't because they were spending too little.
The problem with our system is we spend like Keynesians and tax like supply siders. You should do one or the other.
Because honestly, doing it this way, you make government more attractive. If people actually PAID for the government they were getting instead of borrowing against the national pension fund or China, we'd maybe ask about those spending sprees...
Oh, btw, you are probably about 20, and I have ties that are older than you are.
1."Republicans have ran up more of that national debt than Democrats do."
"Mr. Obama's $3.6 trillion budget blueprint, by his own admission, redefines the role of government in our economy and society. The budget more than doubles the national debt held by the public, adding more to the debt than all previous presidents -- from George Washington to George W. Bush -- combined."
Michael Boskin Says Barack Obama Is Moving Us Toward a European-Style Social Welfare State and Long-Run Economic Stagnation - WSJ.com
2."... balanced budgets- Bill Clinton..."
The national debt increased 41% under Bill Clinton.
3. "... and I have ties that are older than you are."
'Thems' must be some really good ties!
you do know the difference between the National PUPLIC Debt and the Total National Debt don't you? Or is it that you are counting on the members here not knowing? Just curious....
Sure do......
....it's the flim-flam that the Left uses to pretend that Clinton actually has a balanced budget and a surplus....
You know, the same kind of propaganda the Left trots out every election, like the Right candidate is SOOOOOO StOOOOPID....
You don't really believe that, do you?
1. It should be enlightening, here, to explore accounting procedures…one of which is known as the
Unified Cash Basis Budgeting. Just as with any one of us who writes a check, it is recorded as an expense, and when we receive a check, it is listed as income. Generally, government treats budgets in the same way.
U.S. GAO - Search :: "Cash basis accounting"
a. So, a deficit means that the government spent more than it received during a specific fiscal year.
b. Now, think about this: using the cash basis method, you plan for a vacation in January by taking a $2,000 loan in December. This will appear as an asset in your bookkeeping- even though you will be obligated to repay this loan: it is actually a liability! This is exactly the situation that allowed Clinton to raid the Social Security Trust Fund, and claim this as revenue, even though it is an obligation to pay in the future. Beck, Balke, “Broke,” p. 172.
c. Now, watch the sleight-of-hand: using the money received now as revenue, even though it is supposed to be for paying future benefits!
http://www.gao.gov/new.items/d05958sp.pdf
It is the Social Security surplus that helps offset the huge deficits!
d. So, by this method we can pencil it in when cash is paid: it gives a picture of finances at a given moment…but
fails to account for resources used but not yet paid for. Retirement costs of employees? No! This is the method used by the CBO for budgeting purposes.
The Federal Budget: Politics, Policy, Process - Allen Schick, Felix LoStracco - Google Books
e.
This is the preferred method to use if you wish to convince folks that things aren’t as bad as they really are.
2. The
Modified Accrual Basis Budget is more accurate, in that it measures income and expenses when they are actually earned or incurred, when the transaction is actually agreed to: buy two steaks, and pay on the spot. This method gives a longer-term view of all obligations, as well as resources used that year. But…it doesn’t show how much has to be borrowed for that year’s activities.
a. This method takes into consideration the cost of retirement benefits of federal employees; the method is generally used by private-sector corporations and businesses, as well as the federal government, for reporting- but not for budgeting.
b. This method does not include expected tax revenues, since it is difficult to estimate same…so it is not accounted for until it is officially collected.
3. The federal
government uses both methods, as well as several other financial statements. But even this totality makes it difficult to account for long term commitments that include Social Security and Medicare. (Thus, some of those other statements).
No. 282: Federal Government 2009 GAAP-Accounting
4. In addition to the above methods of calculation, there are other factors that allow the flim-flam: the influence on the annual deficit of three major “off budget” items: Social Security payroll taxes, Social Security benefit payments, and the net balance of the US Postal Service.
http://www.gao.gov/new.items/d05958sp.pdf
a. And, if you don’t think that the reporting is
made purposely confusing, the costs of running the Social Security Administration (SSA) are “on budget,” making it almost impossible to match the costs of administration with the revenues taken in.
b. The
total federal deficit is the sum of on-budget deficit and off-budget deficit. But, get this, the surplus of Social Security payroll taxes is called an “off-budget” surplus, is put in the Social Security Trust Fund, which is then lent to the government…which uses it as revenue!
c. Imagine you put away $5,000 every year for forty years, for retirement, but every year you lent yourself $5,000 to go on vacation- what would you have at retirement? Forty I.O.U.’s.
d. So, one of the usual accounting ‘tricks’ is what we call ‘double counting:’ they treat it as income and use it while pretending it is there for future benefits.
5. This might sound familiar, as the same technique was use to promote the Healthcare Bill.
6. There are, actually, two kinds of government debt, public debt, which we owe to bondholders and other investors (this is genuine debt that must be repaid to investors, and currently totals about $8.6 trillon), and intragovernmental debt, which is debt the government owes to itself: currently the I.O.U.s total about $4.5trillion. National debt is actually the total of the two.
Administrations usually speak of the public debt alone, ignoring the intragovernmental portion. This is because the intragovernmental debt goes up every year.
7. Publicly traded companies are bound by accounting rules known as “Generally Accepted Accounting Principles,” GAAP, which account for revenue, expenses, assets, and liabilities. So, can we count on government figures with the same degree of certainty?
a. Not exactly: the government uses the rules of the Federal Accounting Standards Advisory Board, FASAB. The rules are set by Congress and the White House.
b. “The government's record-keeping was in such disarray 15 years ago that both parties agreed drastic steps were needed. Congress and two presidents took a series of actions from 1990 to 1996 that: Created the Federal Accounting Standards Advisory Board to establish accounting rules, a role similar to what the powerful Financial Accounting Standards Board does for corporations.”
USATODAY.com - What's the real federal deficit?
Now, for Clinton?
As is usually the case in claims such as this, it has to do with Washington doublespeak and political smoke and mirrors.
When it is
claimed that Clinton paid down the national debt, that is patently false--as can be seen, the national debt went up every single year. What Clinton did do was pay down the public debt--notice that the claimed surplus is relatively close to the decrease in the public debt for those years. But
he paid down the public debt by borrowing far more money in the form of intragovernmental holdings (mostly Social Security).
8. Would you like to see the actual national debt figures?
1993 4,351,044
1994 4,643,307
1995 4,920,586
1996 5,181,465
1997 5,369,206
1998 5,478,189
1999 5,605,523
2000 5,628,700
Historical Tables | The White House (table 7.1)
The table 7.1 will also show that he inherited a $4 trillion debt.
Government - Historical Debt Outstanding - Annual 1950 - 1999
That means the debt increased 41% under Clinton.
And no wars or military build up to blame it on!
Really have to laugh at the Democrat simpletons who actually believed that Clinton-the-rapist lowered anything but his pants!!!
Hope that points you in the RIGHT direction, Care....