Trump's Economic Plan

[Penner]

Again, it has nothing to do with the dot.com bubble. You seem to just don't get it. What Clinton did was raised taxes on higher income earners- that was how he was able to balance the budget. He just didn't do it because of the dot.com bubble or any bubble but just simply raised taxes on higher income earners.

Again, the revenue wasn't coming from the tax rates, the difference in tax rates was marginal, Clinton's top tax rate was only 4% higher than Bush's, the revenue was coming from asset bubbles, Clinton was taxing the returns on bubbles which he was inflating, 4% marginal tax rate wasn't where the money was coming from, the rich don't even pay the marginal rate, Clinton's payroll tax revenue was coming from the middle class not the rich, the revenue from the rich, comes from capital gains, which Clinton actually lowered.

Clinton inflated asset bubbles in the short term interests of Wall St, then he reduced corporate and capital gains taxes, while increasing income and payroll taxes, so Clinton was actually taxing the middle class in order to funnel money to the rich.

Please tell me where does it say that all of his surpluses was the result of the dot.com bubble because I don't see any here.

In 1993, President Clinton and Vice President Gore launched their economic strategy: (1) establishing fiscal discipline, eliminating the budget deficit, keeping interest rates low, and spurring private-sector investment; (2) investing in people through education, training, science, and research; and (3) opening foreign markets so American workers can compete abroad. After eight years, the results of President Clinton’s economic leadership are clear. Record budget deficits have become record surpluses, 22 million new jobs have been created, unemployment and core inflation are at their lowest levels in more than 30 years, and America is in the midst of the longest economic expansion in our history.

President Clinton’s Record on the Economy: In 1992, 10 million Americans were unemployed, the country faced record deficits, and poverty and welfare rolls were growing. Family incomes were losing ground to inflation and jobs were being created at the slowest rate since the Great Depression. Today, America enjoys what may be the strongest economy ever.

Strong Economic Growth: Since President Clinton and Vice President Gore took office, economic growth has averaged 4.0 percent per year, compared to average growth of 2.8 percent during the Reagan-Bush years. The economy has grown for 116 consecutive months, the most in history.

Most New Jobs Ever Created Under a Single Administration: The economy has created more than 22.5 million jobs in less than eight years—the most jobs ever created under a single administration, and more than were created in the previous 12 years. Of the total new jobs, 20.7 million, or 92 percent, are in the private sector.

Median Family Income Up $6,000 since 1993: Economic gains have been made across the spectrum as family incomes increased for all Americans. Since 1993, real median family income has increased by $6,338, from $42,612 in 1993 to $48,950 in 1999 (in 1999 dollars).

Unemployment at Its Lowest Level in More than 30 Years: Overall unemployment has dropped to the lowest level in more than 30 years, down from 6.9 percent in 1993 to just 4.0 percent in November 2000. The unemployment rate has been below 5 percent for 40 consecutive months. Unemployment for African Americans has fallen from 14.2 percent in 1992 to 7.3 percent in October 2000, the lowest rate on record. Unemployment for Hispanics has fallen from 11.8 percent in October 1992 to 5.0 percent in October 2000, also the lowest rate on record.

Lowest Inflation since the 1960s: Inflation is at the lowest rate since the Kennedy Administration, averaging 2.5 percent, and it is down from 4.7 percent during the previous administration.

Highest Homeownership Rate on Record: The homeownership rate reached 67.7 percent for the third quarter of 2000, the highest rate on record. In contrast, the homeownership rate fell from 65.6 percent in the first quarter of 1981 to 63.7 percent in the first quarter of 1993.

7 Million Fewer Americans Living in Poverty: The poverty rate has declined from 15.1 percent in 1993 to 11.8 percent last year, the largest six-year drop in poverty in nearly 30 years. There are now 7 million fewer people in poverty than there were in 1993.
Establishing Fiscal Discipline and Paying off the National Debt

President Clinton’s Record on Fiscal Discipline: Between 1981 and 1992, the national debt held by the public quadrupled. The annual budget deficit grew to $290 billion in 1992, the largest ever, and was projected to grow to more than $455 billion by Fiscal Year (FY) 2000. As a result of the tough and sometimes unpopular choices made by President Clinton, and major deficit reduction legislation passed in 1993 and 1997, we have seen eight consecutive years of fiscal improvement for the first time in America’s history.

Largest Surplus Ever: The surplus in FY 2000 is $237 billion—the third consecutive surplus and the largest surplus ever.
Largest Three-Year Debt Pay-Down Ever: Between 1998-2000, the publicly held debt was reduced by $363 billion—the largest three-year pay-down in American history. Under Presidents Reagan and Bush, the debt held by the public quadrupled. Under the Clinton-Gore budget, we are on track to pay off the entire publicly held debt on a net basis by 2009.

Lower Federal Government Spending: After increasing under the previous two administrations, federal government spending as a share of the economy has been cut from 22.2 percent in 1992 to 18 percent in 2000—the lowest level since 1966.
Reduced Interest Payments on the Debt: In 1993, the net interest payments on the debt held by the public were projected to grow to $348 billion in FY 2000. In 2000, interest payments on the debt were $125 billion lower than projected.

Americans Benefit from Reduced Debt: Because of fiscal discipline and deficit and debt reduction, it is estimated that a family with a home mortgage of $100,000 might expect to save roughly $2,000 per year in mortgage payments, like a large tax cut.
Double Digit Growth in Private Investment in Equipment and Software: Lower debt will help maintain strong economic growth and fuel private investments. With government no longer draining resources out of capital markets, private investment in equipment and software averaged 13.3 percent annual growth since 1993, compared to 4.7 percent during 1981 to 1992.
To Establish Fiscal Discipline, President Clinton:

Enacted the 1993 Deficit Reduction Plan without a Single Republican Vote. Prior to 1993, the debate over fiscal policy often revolved around a false choice between public investment and deficit reduction. The 1993 deficit reduction plan showed that deficit and debt reductions could be accomplished in a progressive way by slashing the deficit in half and making important investments in our future, including education, health care, and science and technology research. The plan included more than $500 billion in deficit reduction. It also cut taxes for 15 million of the hardest-pressed Americans by expanding the Earned Income Tax Credit; created the Direct Student Loan Program; created the first nine Empowerment Zones and first 95 Enterprise Communities; and passed tax cuts for small businesses and research and development.


Negotiated the Balanced Budget Agreement of 1997. In his 1997 State of the Union address, President Clinton announced his plan to balance the budget for the first time in 27 years. Later that year, he signed the Balanced Budget Act of 1997, a major bipartisan agreement to eliminate the national budget deficit, create the conditions for economic growth, and invest in the education and health of our people. It provided middle-class tax relief with a $500 per child tax credit and the Hope Scholarship and Lifetime Learning tax credits for college. It also created the Children’s Health Insurance Program to serve up to 5 million children and made landmark investments in education initiatives including educational technology, charter schools, Head Start, and Pell Grants. Finally, it added 20 more Empowerment Zones and 20 more rural Enterprise Communities, included the President’s plan to revitalize the District of Columbia, and continued welfare reform though $3 billion in new resources to move welfare recipients to private-sector jobs.
Dedicated the Surplus to Save Social Security and Reduce the National Debt. In his 1998 and 1999 State of the Union addresses, President Clinton called on the nation to save the surplus until the solvency of Social Security is assured. He also repeatedly vetoed large Republican tax cut bills that would have jeopardized our nation’s fiscal discipline. The President’s actions led to a bipartisan consensus on saving the surplus and paying down the debt.

Extended Medicare Solvency from 1999 to 2025. When President Clinton took office, Medicare was expected to become insolvent in 1999, then only six years away. The 1993 deficit reduction act dedicated some of the taxes paid by Social Security beneficiaries to the Medicare Trust Fund and extended the life of Medicare by three years to 2002. Thanks to additional provisions to combat waste, fraud and abuse and bipartisan cooperation in the 1997 balanced budget agreement, Medicare is now expected to remain solvent until 2025.

https://clinton5.nara.gov/textonly/WH/A ... rs-03.html

[Smitty-48]

Please tell me where does it say that all of his surpluses was the result of the dot.com bubble because I don't see any here.

Of course you don't see it there, because you've gone out and cherry picked some hilariously partisan Clintonista propoganda, again, being the ridiculous partisan hack that you are; no surprise.

None the less, Clinton's revenues were not coming from taxing the rich, since he lowered both the capital gains tax and the corporate tax, while raising income tax and payroll tax, which are not payed by the rich, but rather the middle class, so he was actually taxing the middle class more, while cutting the taxes which the rich actually pay, across the board.

The government revenue was not actually that good in Clinton's first term, and so Clinton was in trouble, so what he did was juice Wall St for short term gain, which in the end inflated the bubbles which have since popped, turning the near term Clinton boom, into a much longer term credit crisis bust.

So, reality check, Clinton actually ran the debt up, with Wall St taking the gains, and the American middle class taking the losses, big asset bubble for Wall St on one end, massive taxpayer bailout of Wall St on the other.

Clinton's 1992 plan didn't actually work, so his 1996 plan, in order to save his bacon, was Wall St-a-go-go, asset bubble to juice the revenues in the near term, mid to long term is somebody else's problem.

Clinton would be long gone by the time the piper came to be paid; enter Barack Obama, Barack Obama could have gone big, but instead he decided to be Herbert Hoover 2.0; enter Donald Trump.

[Fife]

The idea that Clinton got a surplus from high taxes is a real knee-slapper.

The Stock Bubble Created the Budget Surplus: Not Bill Clinton's Tax and Spending Policies

[Penner]

Please tell me where does it say that all of his surpluses was the result of the dot.com bubble because I don't see any here.

Of course you don't see it there, because you've gone out and cherry picked some hilariously partisan Clintonista propoganda, again, being the ridiculous partisan hack that you are; no surprise.

None the less, Clinton's revenues were not coming from taxing the rich, since he lowered both the capital gains tax and the corporate tax, while raising income tax and payroll tax, which are not payed by the rich, but rather the middle class, so he was actually taxing the middle class more, while cutting the taxes which the rich actually pay, across the board.

The government revenue was not actually that good in Clinton's first term, and so Clinton was in trouble, so what he did was juice Wall St for short term gain, which in the end inflated the bubbles which have since popped, turning the near term Clinton boom, into a much longer term credit crisis bust.

So, reality check, Clinton actually ran the debt up, with Wall St taking the gains, and the American middle class taking the losses, big asset bubble for Wall St on one end, massive taxpayer bailout of Wall St on the other.

Clinton's 1992 plan didn't actually work, so his 1996 plan, in order to save his bacon, was Wall St-a-go-go, asset bubble to juice the revenues in the near term, mid to long term is somebody else's problem, Clinton would be long gone by the time the piper came to be paid.

Clinton started out by raising the capital gains to 29% and then just lowered them, in his later years as president, to 21%. But Bush lowered them all the way down to 16% in his third year in office and in Bush's last year in office he lowered it down to 15%.

http://federal-tax-rates.insidegov.com/

[Smitty-48]

Clinton started out by raising the capital gains to 29% and then just lowered them, in his later years as president, to 21%. But Bush lowered them all the way down to 16% in his third year in office and in Bush's last year in office he lowered it down to 15%.

Bush lowered taxes because Clinton's asset bubbles were coming a cropper, Bush was looking to prop up the equity markets by encouraging investors to get in, because, as I said, the Dotcom Bubble incited by Clinton, had popped; causing a recession.

When you're in a recession, that is not the time to be paying down debt, Clinton generated revenues by asset bubble, in order to stave off a recession, that recession however, came just as Clinton left office, dumped onto Bush, Bush should not have been paying down debt, in the middle of a recession, Bush needed to try to get the US out of a recession, so Bush was doing the correct thing.

Bush did get the US out of that recession, but then Clinton's other and much bigger asset bubble popped, just as Bush left office, so Clinton dumped that one on Obama.

[Penner]

Clinton started out by raising the capital gains to 29% and then just lowered them, in his later years as president, to 21%. But Bush lowered them all the way down to 16% in his third year in office and in Bush's last year in office he lowered it down to 15%.

Bush lowered taxes because Clinton's asset bubbles were coming a cropper, Bush was looking to prop up the equity markets by encouraging investors to get in, because, as I said, the Dotcom Bubble incited by Clinton, had popped; causing a recession.

When you're in a recession, that is not the time to be paying down debt, Clinton generated revenues by asset bubble, in order to stave off a recession, that recession however, came just as Clinton left office, dumped onto Bush, Bush should not have been paying down debt, in the middle of a recession, Bush needed to try to get the US out of a recession, so Bush was doing the correct thing.

Bush did get the US out of that recession, but then Clinton's other and much bigger asset bubble popped, just as Bush left office, so Clinton dumped that one on Obama.

When was Clinton president- 1994 to like 2000 right?

[Zlaxer]

Is there any serious debate that the boom of the 90's was due to artificially low interest rates? How else did the economy grow so much while the manufacturing base was shipped abroad? Ship out source of jobs yet GDP increases?

There has been no true growth in the US for some time.....hell, we don't even come close to creating enough jobs for the number of individuals "entering" the work force each year.....the economy has been broke for a long time....it's all gamesmanship right now by Wall Street to hide that fact.....all you have to do is look at the number of working age Americans not in the work force...we're almost at 50%.....HALF OF THE FUCKING WORKING AGE COUNTRY DOESN'T WORK. That pretty much sums it up. If it wasn't for EBT cards and other subsidies, most Americans would be dead in the gutter....or else forced to live like a Chinese slave....

The Fed has kept rates low in a desperate attempt to buy time until "innovation" kick starts the economy or whatever that means....

Most Americans are about to get fucked harder than a cheap whore...and there's nothing they can do about it....short of grabbing a pitch fork......

[Smitty-48]

When was Clinton president- 1994 to like 2000 right?

1992 to 2000, but as I said, it was in two parts, part one, 1992-1996, Clinton's economic plan wasn't working, so, in part two, 1996 to 2000, Clinton juiced the markets with asset bubbles at the behest of Wall St, lowering taxes on the rich while he kept them high on the middle class, then skated out of town just as the whole thing started to come crashing down, leaving Bush and Obama to clean up the mess.

Bush got off relatively lightly with the Dotcom bubble, Obama ate the big one with the deregulated Real Estate bubble.

[Fife]

1999 was when (most) of 2008 was set.

Not rocket science.

Not even bottle-rocket science.

http://www.usnews.com/opinion/blogs/eco ... ial-crisis

In 1999, Democrats led by President Bill Clinton and Republicans led by Sen. Phil Gramm joined forces to repeal Glass-Steagall at the behest of the big banks. What happened over the next eight years was an almost exact replay of the Roaring Twenties. Once again, banks originated fraudulent loans and once again they sold them to their customers in the form of securities. The bubble peaked in 2007 and collapsed in 2008. The hard-earned knowledge of 1933 had been lost in the arrogance of 1999.

[Smitty-48]

Bear in mind though, the sub-prime lender explosion began before Clinton even repealed Glass-Steagal, from 1995 to 1998, is where the Collateralized Debt Obligation and associate Sub Prime Loans went into overdrive, repealing Glass-Steagal simply moved the liability from the Investment Banks, to the taxpayer, through the retail banking system.

Clinton had juiced the market with asset bubbles, the sub prime market was gobbling up the assets, the banks were packaging them as AAA, then taking out CDO's against them, then they needed Clinton to make sure they would be bailed out, if/when the whole thing blew up, enter Glass-Steagal repeal, shift the liability to the public.