NightDragon83 said:
Uh, no. The bursting of the tech/dot com bubble, which was the main reason why the US had a surplus towards the end of the Clinton presidency in the first place, along with increased competiton from overseas markets like China, and 9/11 causing global turmoil, are the reasons we went from a surplus to a deficit in little over a year. In fact, the federal deficit in 2007, after 6 years of "Bush tax cuts", two wars and disasters like Katrina, was roughly the same as it was in 2002 where we had a mini-recession and 9/11 back to back... roughly $150 million or so. That's small potatoes compared to the more than a trillion dollar deficits we've been running every year during Obama's term in office. |
...well that and the surplus was really more of an accounting trick then anything else because it didn't count intragovermental debt.
Which means essentially the budget was "balanced" on the backs of social security, medicare and other things.
It's like claiming you have a balanced budget for a week when your spending money meant to pay your rent later in the month.
