Quote:
Originally Posted by Sidd Finch
All true, but there are two problems with what you say.
First, it doesn't counter Cletus' point, which was "We either need to cut spending or raise taxes." Clinton balanced the budget by, in large part, raising taxes and "cutting" spending (in the sense of cutting the overall increase, as well as making certain actual cuts).
Second, Clinton benefitted from a huge economic expansion (let's leave aside the argument about whether he helped bring that about). That's not enough to reduce the deficit -- I mean, Reagan had that advantage too, and he basically invented the culture of "we don't have to pay for government, we can grow it and bitch about it." (Having his cake, eating it, and savoring it too.) But, still. Obama may see some expansion, but I'm not holding my breath for another Clinton-era expansion.
|
I don't think the next six years are going to be like Clinton's - it is still amazing how quickly he worked down that debt, and that does have a lot to do with the economy.
But I think Obama can move us into the right position so that we can use the next expansion, whenever it occurs, the way Clinton used his. And I don't think we have to panic.
Threaded Mode