- Posted July 21, 2009 by
This iReport is part of an assignment:
The Clinton Surplus 'Myth'
Address the massive debt this country racked up under the tutelage of George Bush, and his supporters insist that the country was screwed before he took office.
They claim that there was no such thing as a 'surplus' under the Clinton Administration, and the whole thing was made up. All-in-all, we would be in the same situation either way.
Oh no, look what I found:
Here's an explanation: The first one is a press release from early in the Bush Administration that details the first surplus in 1998 and states that the surpluses since have drastically reduced the nation's debt, and will continue through FY 2002 (this report was made prior to 9/11). The second one is a White House press release from December 2000. The third is a CNN article from September 2000 on the surplus. The fourth is a White House press release from the same day as the CNN article stating that the surpluses from 1998 on would eliminate the nation's debt by 2012. The last one is another press release from October 1999 that states the nation's debt has been cut by $1.7 trillion.
Both four and five go into detail on when the nation's debt would be paid off - the early figures say 2015, while the more recent numbers knock it down three years to 2012.
I thought it necessary to include the first link, since it shows the Bush Administration admitting the existence of the surplus.
But how can a country experience a surplus if it is in debt? Well, any positive percentage of the GDP in a recorded fiscal year that doesn't exceed spending is a surplus, and that surplus (90% of it) goes toward the deficit.
So, I guess the GOP strategy continues - blame Clinton for everything, and if it looks like he did something right, deny it as a myth (the same thing for that which they don't understand).