Welcome to DU!
The truly grassroots left-of-center political community where regular people, not algorithms, drive the discussions and set the standards.
Join the community:
Create a free account
Support DU (and get rid of ads!):
Become a Star Member
All Forums
Issue Forums
Culture Forums
Alliance Forums
Region Forums
Support Forums
Help & Search
General Discussion
Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsA Breif History of the Debt/Deficit Debate Over The Last 20 Years
1993Bill Clinton is sworn into office amid an economic slump, and he wants to pass a major stimulus bill. He is talked out of doing that by Alan Greenspan and bond traders. They tell him to focus on the deficit/debt. He does and in the summer of 1993, Clinton's deficit reduction plan is passed into law by one vote. No Republicans support his plan.
1994
Because Clinton raised taxes, the Gingrich Revolution uses it as a wedge issue to win control of the Congress.
1995 to 2000
The yearly deficits slowly disappear, and a small surplus emerges.
2000
During the presidential campaign of 2000, Al Gore wants to put the surplus into a lock box to shore up Social Security. He is openly ridiculed and mocked by the DC Beltway punditry.
2001
George W. Bush assumes power after a highly questionable election. One of his first acts as president is to pass a massive tax cuts without any spending cuts to offset it. He even makes his cuts retroactive, and tax rebate checks were mailed out to everyone. By August 2001, the surplus is gone and we slip back into deficits. Not a peep is heard by the media. NOTHING.
2001 to 2008
Bush runs up massive deficits each year of his presidency. In the middle of two wars, he passed yet another tax cut without paying for it. He signs into law a prescription drug benefit without paying for it as well. It all culminates in the grandaddy of all spending, the TARP bailout fund of 2008.
2009
Barack Obama is sworn into office amid the worst economic crisis since the Great Depression. He passes a scaled-down stimulus bill, and now, after a 8 year slumber, the DC Beltway media begins screaming about the debt and deficit. Also, a Tea Party movement emerges over the debt/deficit issue.
2010
Because the economy is still sluggish--in part due to the scaled down stimulus-- the Republicans are able to take control of the House of Representatives. They threaten not to lift the debt ceiling because of the size of the debt and deficit.
2012 to 2013
Barack Obama is re-elected. The DC Beltway chrous grows louder with cries about the debt/deficit.
Summary
I left out a lot of details, but I captured the gist of these events. The point of this post is to clearly show that when Republicans are out of power, they, and the media, immediately start crying sbout the debt/deficits. However, when they are in power, there's not even a peep out of either of them about it.
For 8 damn years, Bush ran up the deficit and debt without the media nor the Republicans saying a word. The man passed tax cuts in the middle of two wars, and the only person I recall complaining about it were commentators on Air America radio.
So, don't fall for this b.s. about the debt/deficit. It's another hoax just like the Iraq war.
InfoView thread info, including edit history
TrashPut this thread in your Trash Can (My DU » Trash Can)
BookmarkAdd this thread to your Bookmarks (My DU » Bookmarks)
2 replies, 1011 views
ShareGet links to this post and/or share on social media
AlertAlert this post for a rule violation
PowersThere are no powers you can use on this post
EditCannot edit other people's posts
ReplyReply to this post
EditCannot edit other people's posts
Rec (3)
ReplyReply to this post
2 replies
= new reply since forum marked as read
Highlight:
NoneDon't highlight anything
5 newestHighlight 5 most recent replies
A Breif History of the Debt/Deficit Debate Over The Last 20 Years (Original Post)
Yavin4
Feb 2013
OP
Cary
(11,746 posts)1. Of course they do.
They even have a name for the strategy: The Two Santa Claus Theory.
It was invented by non-economist Jude Wanniski who also invented "supply-side economics."
Yavin4
(35,357 posts)2. Funny that you should mention Jude Wanniski. Here's his column on Al Gore's lockbox idea in 2000
Vice President Al Gore is being advised, I see, to spend the last
week of his campaign scaring the electorate about George W. Bushs
risky scheme by which he would take part of the projected budget
surplus and give it back to the taxpayers so they can invest it on their
own behalf.
The Vice President says he instead would put that money in a lock
box, taking it out years from now when it is needed. There are of
course a great many people who are afraid of risk-taking and perhaps
there will be enough of them on Nov. 7 to elect him president. Ive
always doubted that Gore could be elected to the top office, though,
because I believe the electorate knows deep down that all growth is
the result of risk-taking. The only way the nation advances is by
encouraging as much risk-taking as possible, even though there is much
more failure than success. The small number who succeed, by producing a
better widget or software, make life easier for the general population.
Read more at http://www.wnd.com/2000/11/7434/#dpLuAwdIxiFtav6S.99
week of his campaign scaring the electorate about George W. Bushs
risky scheme by which he would take part of the projected budget
surplus and give it back to the taxpayers so they can invest it on their
own behalf.
The Vice President says he instead would put that money in a lock
box, taking it out years from now when it is needed. There are of
course a great many people who are afraid of risk-taking and perhaps
there will be enough of them on Nov. 7 to elect him president. Ive
always doubted that Gore could be elected to the top office, though,
because I believe the electorate knows deep down that all growth is
the result of risk-taking. The only way the nation advances is by
encouraging as much risk-taking as possible, even though there is much
more failure than success. The small number who succeed, by producing a
better widget or software, make life easier for the general population.
Read more at http://www.wnd.com/2000/11/7434/#dpLuAwdIxiFtav6S.99
http://www.wnd.com/2000/11/7434/