Author Topic: Did Bill Clinton balance the budget or eliminate the deficit?  (Read 563 times)

Offline surfivor

  • Survival Veteran
  • ********
  • Posts: 6971
  • Karma: 100
Did Bill Clinton balance the budget or eliminate the deficit?
« on: December 28, 2018, 12:56:57 AM »
My sister claims Bill Clinton balanced the budget or eliminated the deficit. I am not sure on that. I do know he helped give us NAFTA and deregulated banking. I tend to see 911 as the event that helped wreck the economy

Offline Alan Georges

  • Survival Demonstrator
  • *******
  • Posts: 4589
  • Karma: 210
  • Still trying to reason with hurricane season.
Re: Did Bill Clinton balance the budget or eliminate the deficit?
« Reply #1 on: December 28, 2018, 05:53:14 AM »
It's fair to say that it happened on his watch in the last few years of his two terms.  Some of the graphs at this link show this: https://en.wikipedia.org/wiki/Deficit_reduction_in_the_United_States

As to why it happened and the degree of credit Clinton should get for this, that's a deep and ugly dive into the politics and economics of the 90's.  It may be more accurate to say that the Republican-held congress of the time should get most (but not all) of the credit.

Offline Carver

  • Prepper
  • **
  • Posts: 60
  • Karma: 4
  • New TSP Forum member
Re: Did Bill Clinton balance the budget or eliminate the deficit?
« Reply #2 on: January 06, 2019, 08:00:15 PM »
I can't remember exactly how or when, but pretty sure there was a projected surplus so congress went on a spending spree, but as it turned out the surplus was a paper surplus that would only occur if 'this' happened and 'that' happened, which it never did and there never was a surplus but a massive debt.

Online iam4liberty

  • Survival Demonstrator
  • *******
  • Posts: 3283
  • Karma: 254
  • New TSP Forum member
Re: Did Bill Clinton balance the budget or eliminate the deficit?
« Reply #3 on: January 06, 2019, 08:52:45 PM »
I can't remember exactly how or when, but pretty sure there was a projected surplus so congress went on a spending spree, but as it turned out the surplus was a paper surplus that would only occur if 'this' happened and 'that' happened, which it never did and there never was a surplus but a massive debt.

What happened was Gingrich's congress rejected Clinton's spending requests which led to short-term balanced budget.  That is when the longest and deepest government shutdown in US history occured (1995). It saved a lot of money. Then republicans forced him to trim entitlement programs to end the shut down which, along with some deregulation that spurred the economy, resulted in the surplusses.  However, it should be noted that these were still somewhat mythical as social security and other funds were woefully underfunded.  But government runs on cash accounting not accruels like a business.