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Thursday, March 10, 2005

Bill Clinton Didn't Balance the Budget

By Stephen Moore of the CATO Institute

Let us establish one point definitively: Bill Clinton didn't balance the budget. Yes, he was there when it happened. But the record shows that was about the extent of his contribution...

...And 1993 -- the year of the giant Clinton tax hike -- was not the turning point in the deficit wars, either. In fact, in 1995, two years after that tax hike, the budget baseline submitted by the president's own Office of Management and Budget and the nonpartisan Congressional Budget Office predicted $200 billion deficits for as far as the eye could see. The figure shows the Clinton deficit baseline. What changed this bleak outlook?

Newt Gingrich and company -- for all their faults -- have received virtually no credit for balancing the budget. Yet today's surplus is, in part, a byproduct of the GOP's single-minded crusade to end 30 years of red ink. Arguably, Gingrich's finest hour as Speaker came in March 1995 when he rallied the entire Republican House caucus behind the idea of eliminating the deficit within seven years.

Skeptics said it could not be done in seven years. The GOP did it in four.

Now let us contrast this with the Clinton fiscal record. Recall that it was the Clinton White House that fought Republicans every inch of the way in balancing the budget in 1995. When Republicans proposed their own balanced-budget plan, the White House waged a shameless Mediscare campaign to torpedo the plan -- a campaign that the Washington Post slammed as "pure demagoguery." It was Bill Clinton who, during the big budget fight in 1995, had to submit not one, not two, but five budgets until he begrudgingly matched the GOP's balanced-budget plan. In fact, during the height of the budget wars in the summer of 1995, the Clinton administration admitted that "balancing the budget is not one of our top priorities..."
Funny how easy it can be to re-write history to fit your own agenda. Bill Clinton didn't push through the idea of a balanced budget to the American people, Newt Gingrich's famous Contract With America did. Go back and look at how many times Clinton ever mentioned balancing the budget before Newt came in and began to steal the show. It wasn't a priority for his administration, he was more concerned with attempting to socialize health care and implementing the highest tax increase in American history.


 
conservativerebel.blogspot.com: Bill Clinton Didn't Balance the Budget <body>

conservativerebel.blogspot.com

Thursday, March 10, 2005

Bill Clinton Didn't Balance the Budget

By Stephen Moore of the CATO Institute

Let us establish one point definitively: Bill Clinton didn't balance the budget. Yes, he was there when it happened. But the record shows that was about the extent of his contribution...

...And 1993 -- the year of the giant Clinton tax hike -- was not the turning point in the deficit wars, either. In fact, in 1995, two years after that tax hike, the budget baseline submitted by the president's own Office of Management and Budget and the nonpartisan Congressional Budget Office predicted $200 billion deficits for as far as the eye could see. The figure shows the Clinton deficit baseline. What changed this bleak outlook?

Newt Gingrich and company -- for all their faults -- have received virtually no credit for balancing the budget. Yet today's surplus is, in part, a byproduct of the GOP's single-minded crusade to end 30 years of red ink. Arguably, Gingrich's finest hour as Speaker came in March 1995 when he rallied the entire Republican House caucus behind the idea of eliminating the deficit within seven years.

Skeptics said it could not be done in seven years. The GOP did it in four.

Now let us contrast this with the Clinton fiscal record. Recall that it was the Clinton White House that fought Republicans every inch of the way in balancing the budget in 1995. When Republicans proposed their own balanced-budget plan, the White House waged a shameless Mediscare campaign to torpedo the plan -- a campaign that the Washington Post slammed as "pure demagoguery." It was Bill Clinton who, during the big budget fight in 1995, had to submit not one, not two, but five budgets until he begrudgingly matched the GOP's balanced-budget plan. In fact, during the height of the budget wars in the summer of 1995, the Clinton administration admitted that "balancing the budget is not one of our top priorities..."
Funny how easy it can be to re-write history to fit your own agenda. Bill Clinton didn't push through the idea of a balanced budget to the American people, Newt Gingrich's famous Contract With America did. Go back and look at how many times Clinton ever mentioned balancing the budget before Newt came in and began to steal the show. It wasn't a priority for his administration, he was more concerned with attempting to socialize health care and implementing the highest tax increase in American history.