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We pay interest on previous debt, which is why the actual debt itself increased. However, the actual budget, the revenue compared to the outlays were a surplus.
That is not true as that number only looks at, once again "public debt" and ignored "intragovernmental debt." Gingrich did lower "public debt," but national debt still has increased every fiscal year since 1957.
Anyways - interest on previous debt is an expense/outlay. It is ridiculous to pretend that interest on debt isn't a real expense. If you brought in $6,000 this month in take home pay and spent $6,500 -- would you then brag that you actually had a surplus of $500 as $1000 of your expenses was interest on your home mortgage -- or would you live in the real world and say you ran a deficit of $500 for the month? Don't fall for Newt's gimmick.
There can not be a true surplus when the national debt increased.
Yes, in part because of tax increases in 1993 that didn't really hurt the economy.
The economy grew substantially - and there were balanced budgets and revenues continued to increase - after tax cuts in Clinton's second term.
What tax cuts? The rates remained the same from 1993 until 2001. We saw record growth in revenues with the increase in taxes for the wealthy followed by the slowest revenue growth once the tax cuts took place.
That is not true as that number only looks at, once again "public debt" and ignored "intragovernmental debt." Gingrich did lower "public debt," but national debt still has increased every fiscal year since 1957.
Anyways - interest on previous debt is an expense/outlay. It is ridiculous to pretend that interest on debt isn't a real expense. If you brought in $6,000 this month in take home pay and spent $6,500 -- would you then brag that you actually had a surplus of $500 as $1000 of your expenses was interest on your home mortgage -- or would you live in the real world and say you ran a deficit of $500 for the month? Don't fall for Newt's gimmick.
There can not be a true surplus when the national debt increased.
Well Newt obviously lied considering he didn't seek re-election in 1998, but that is another story. Fact of the matter is for four fiscal years we received more revenues those years than we spent for those years
What tax cuts? The rates remained the same from 1993 until 2001. We saw record growth in revenues with the increase in taxes for the wealthy followed by the slowest revenue growth once the tax cuts took place.
In 1997, capital gains taxes were cut, the child tax credit was introduced, family farms and small businesses were given new tax exemptions, and the exemption on taxes from the profits of selling a home were introduced.
Only after this did we get balanced budgets and, yes, tax revenue continued to increase dramatically.
Without the Bush tax cuts (which did provide relief to the middle class and not just the wealthy), the early 2000's recession likely would have been a lot worse. And, although revenue growth slowed, revenue still grew even with the recession.
Why would any young voter vote for Romney? They're concerned about affording a college degree and a house and then finding a job and starting a family. Romney's concerned aboout lowering taxes for rich people.
In 1997, capital gains taxes were cut, the child tax credit was introduced, family farms and small businesses were given new tax exemptions, and the exemption on taxes from the profits of selling a home were introduced.
Only after this did we get balanced budgets and, yes, tax revenue continued to increase dramatically.
Without the Bush tax cuts (which did provide relief the middle class and not just the wealthy), the early 2000's recession likely would have been a lot worse. And, although revenue growth slowed, revenue still grew even with the recession.
The balance budget happened then as a result of the lowering deficit for several years prior. The 1993 Omnibus Reconciliation Act put together a 5 year plan at reducing the deficit each year until ending up with a surplus. That is exactly what happened.
As far as revenue growing during recession, the revenue growth during the Bush years was the lowest in history.
Well Newt obviously lied considering he didn't seek re-election in 1998, but that is another story. Fact of the matter is for four fiscal years we received more revenues those years than we spent for those years
Not true for all 4 years, but true for some of those years if you ignore that we spent money now that was earmarked for future expenses that we now don't have and need to make up (and still haven't) so that the real national debt increased all of those years. This is real debt owed to real people like veterans, retirees, government employees retirement funds, and etc.
You can have deficits and keep discretionary spending, flat when Obama came into office the deficit was 1.25 trillion. people have to understand that most of the deficits in the state and federal governments is because off loss tax revenue because of the recession. not new spending
Obama has added almost $5 trillion to the debt.
Quote:
Originally Posted by michiganmoon
Per CNN, 74% of Americans want a Balanced Budget -- run on that Romney.
Part of his platform.
Quote:
Originally Posted by Eleanora1
Why would any young voter vote for Romney? They're concerned about affording a college degree and a house and then finding a job and starting a family. Romney's concerned aboout lowering taxes for rich people.
Expecting obama to give them all that right?
Usually, the sequence of events is get a job or degree, buy a house when you can AFFORD to buy one, get married, have children when you can AFFORD to have them.
Think all this happens at the age of 25?
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