.........
Really.... I just... the stupidity. Really? And, research says this idea had strong support. My God. I just... am completely baffled. The 1999 debt of the USA was $3,632.4 Billion or in big scary numbers $3 632 400 000 000. Clinton payed off $223 Billion or roughly 6% of that debt from the "Surplus" .
The people of the USA and Republican party actually... seriously... wanted the $223 to be payed back towards the people... instead of the debt.
... Really? Is this what Barrack has to fight against? Best of luck to him.
Your quoting consumer debt inclusing in aggregate debt of the USA, not the federal budget of the USA - two utterly different things. Clinton did have a budget surplus, just meanwhile American citizen borrowed monies from overseas, that is from nations not consuming but exporting their manufactured goods, such as China, India, Japan, Germany, Malaysia, Thailand and Arab nations which export oil.
Fiscal policy under the Clinton administration was the best in living memory; from both Puritan (supply side focused) and Keysian (demand side focused) perspectives of economics.
THe Bush and Regan administrations were amongst the most reckless in their fiscal managements.
THe Bush administration I'll speak briefly about since I know a little more about that particular administration's economic policies....
Most of the tax cuts given and the rebalancing of the tax bracket sizes was unsustainable and horrid in its audacidity; meanwhile this reakless, adventurous administration invaided Iraq knowing full well that the costs of running a war would plunge the country into a fiscal defict.
This act of policy; reducing taxes to pay for government expendature for an illegal war, under international war - weapons of mass destruction are where? and what right to veto another nation's sovereignity does the USA have? none. and did the United Nation allow the invasion? no. so the term illegal is justified, if any nut job Republican wants to argue against my word choice.
There's nothing wrong with having high deficts at the bottom of the cycle, since the debt servicing costs to the governemnt are minimal, and the price of credit is low. interest rates at the moment are the lowest for a very long time in the US, Australia, UK, Germany, Japan ect. don't be scared by the 1.6 billion defict; it doesn't crowd out business, if it did it would be reflected in the price of loans, interest rates.
Personally, I consider the greatest flaw in the American economy is the heath care system: how can so much money be poured into on sector of the economy, in the suposidly richest nation on earth, and not have everyone universally covered.
the PURE capitalist system results in what the US has today, millions not covered by insurance and high costs.
The systems in other capitalist developed nations, such as Australia, Japan, the UK, Germany and Switzerland, where the state subsardises medical care through an organised structure with less legality issues - lower costs - with everyone paying - the healthy, the sick; the poor and the rich - making the systems work because the egalitarian nature of the schemes allow the economics of everyone collectively paying for everyone's wellbeing; everyone does get sick, or breaks their leg or whatever, and the community as a whole realises that the citizen with a broken leg or some other illness will not be as functional, efficient or effectual in their society or in their work.
meh.... my rant; it's just outrageous seeing the Republican party trying to deny health care to people. healthcare is really the same as education in other developed nations, everyone recieves an education because the entire community benifits from everyone having an education; strangely the USA is the only nation not to have health care paid by the community, and doesn't consider it to be an universal right.