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Old 08-02-2011, 09:01 AM
 
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COLUMN-Fact-free fiscal farce: David Cay Johnston | Reuters


Gross federal debt today is up 250 percent from when President Bill Clinton left office, and up 35 percent from when President George W. Bush left office, but the government's blended average interest rate has fallen 54 percent since Clinton and 22 percent since Bush, suggesting that the bond rating agencies' warnings about the chances that federal debt will be serviced as promised are as reliable as their estimates of the likelihood that all those mortgage bonds would be Triple A investments.

3. Had America stuck by the tax-and-restrained-spending policies of President Clinton, and his budget projections proved reliable, the government today would have no debt. Instead it would have a surplus of $2.1 trillion, or nearly $7,000 per American.

4. President Obama's first budget, for fiscal 2010, that began on Oct. 1, 2009, had a smaller deficit than President Bush's last budget, which promised a $407 billion shortfall, missing the mark by only a trillion dollars.

5. Those Wall Streeters President Bush bailed out in his final days continue with their risky bets because, being too big to fail, they sense Washington is ready to bail them out by swapping their red ink for government black ink, a belief reinforced with campaign contributions to make sure the government spends little on banking regulators.
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Old 08-02-2011, 11:13 AM
 
Location: Del Rio, TN
36,105 posts, read 22,311,871 times
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Originally Posted by Versatile View Post
COLUMN-Fact-free fiscal farce: David Cay Johnston | Reuters


Gross federal debt today is up 250 percent from when President Bill Clinton left office, and up 35 percent from when President George W. Bush left office, but the government's blended average interest rate has fallen 54 percent since Clinton and 22 percent since Bush, suggesting that the bond rating agencies' warnings about the chances that federal debt will be serviced as promised are as reliable as their estimates of the likelihood that all those mortgage bonds would be Triple A investments.

3. Had America stuck by the tax-and-restrained-spending policies of President Clinton, and his budget projections proved reliable, the government today would have no debt. Instead it would have a surplus of $2.1 trillion, or nearly $7,000 per American.

4. President Obama's first budget, for fiscal 2010, that began on Oct. 1, 2009, had a smaller deficit than President Bush's last budget, which promised a $407 billion shortfall, missing the mark by only a trillion dollars.

5. Those Wall Streeters President Bush bailed out in his final days continue with their risky bets because, being too big to fail, they sense Washington is ready to bail them out by swapping their red ink for government black ink, a belief reinforced with campaign contributions to make sure the government spends little on banking regulators.
I agree with the gist of your post, that both parties are responsible. Their are some errors. Clinton ran up the debt every year of his presidency. He borrowed from the SS trust fund (same as every other admin). And the bogused "balanced" budget was forced upon him by a R house and senate. Remember when he shut down the government to keep from making REAL cuts and truely balancing the budget?

Obama didn't have a "first budget", uness you count what was left from Bush when he left office. The (Democratic controlled) house and senate didn't present one in '09 or '10 IIRC. He had a blank check to spend. Remember the Stimulus?
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