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About this iReport
  • Not verified by CNN

  • Posted January 17, 2009 by
    Lette
    Location
    Dix Hills, New York
    Assignment
    Assignment
    This iReport is part of an assignment:
    Look back at Bush's legacy

    More from Lette

    Did Bill Clinton Really Leave George Bush a Surplus?

     
    Many critics say that George Bush blew a huge surplus that was left when Bill Clinton left office. However, I've found some claims that state the Clinton surplus is a myth. The information can be verified my accessing the U.S. Treasury website where the national debt is updated daily and a history of the debt since January 1993 can be obtained. While the public debt went down, the intergovernmental holdings went up each year by a far greater amountand, in turn, the total national debt (which is public debt + intergovernmental holdings) went up. Therein lies the lie. "When Clinton (and others) said that he had paid down the national debt, that was patently falseas can be seen, the national debt went up every single year. What Clinton did do was pay down the public debt--notice that the claimed surplus is relatively close to the decrease in the public debt for those years. But he paid down the public debt by borrowing far more money in the form of intergovernmental holdings." http://www.craigsteiner.us/articles/16

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