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Old 12-05-2012, 11:44 AM
 
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I've heard a few conservatives say that they would accept Obama wanting to go back to the Clinton era tax rates if he'd combined that with Clinton era spending levels. What exactly was spending like under Bill Clinton and how has Obama responded to this suggestion?
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Old 12-05-2012, 11:50 AM
 
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Originally Posted by Motion View Post
I've heard a few conservatives say that they would accept Obama wanting to go back to the Clinton era tax rates if he'd combined that with Clinton era spending levels. What exactly was spending like under Bill Clinton and how has Obama responded to this suggestion?
18% of GDP it is currently 24.

But while we are going back to the Clinton era spending can we go back to the Clinton era economy?
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Old 12-05-2012, 12:01 PM
 
Location: Dallas, TX
31,777 posts, read 24,895,248 times
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Originally Posted by Motion View Post
I've heard a few conservatives say that they would accept Obama wanting to go back to the Clinton era tax rates if he'd combined that with Clinton era spending levels. What exactly was spending like under Bill Clinton and how has Obama responded to this suggestion?
Let us revisit 1998...
Federal Revenue: $2.04 Trillion (19.9% of the GDP)

Major Expenditures...
- Healthcare: $440 Billion
- Defense: $395 billion

Total Spending on two largest expenses: $835 Billion (41% of the revenue)

2011...
Federal Revenue: $1.99 Trillion (15.4% of the GDP)*

Major Expenditures...
- Healthcare: $713 Billion (+273 Billion)
- Defense: $735 billion (+340 Billion)

Total Spending on two largest expenses: $1.45 Trillion (73% of the revenue)

All numbers adjusted to constant (2005) dollars for comparison. Let us hope when these conservatives demand Clinton era spending, they present their plans with...
- Cuts to Health Care expenses by $273 Billion
- Cuts to defense by $340 Billion
- Explain what to do with a near 15% increase in population
- Better yet, explain what to do with an accelerating number of Baby Boomers retiring and causing some of the expenses to explode.

* At 19.9% of the GDP, the expected revenue for 2011 would be $2.58 Trillion. We came $850 billion short (and the last time we saw revenue over 19% of the GDP was the last year under Clinton tax rates, in 2001).

Last edited by EinsteinsGhost; 12-05-2012 at 12:12 PM..
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