It was just 7 1/2 years ago. The U.S. had the biggest surplus in its history, nearly doubling the previous years record setting surplus.
Billy boy may have not been the best, but he wasn't the worst either. I am starting to wish he could take another stab at reducing our national
debt.
President Clinton announces another record budget surplus
From CNN White House Correspondent Kelly Wallace
WASHINGTON (CNN) -- President Clinton announced Wednesday that the federal budget surplus for fiscal year 2000 amounted to at least $230 billion,
making it the largest in U.S. history and topping last year's record surplus of $122.7 billion.
"Eight years ago, our future was at risk," Clinton said Wednesday morning. "Economic growth was low, unemployment was high, interest rates were
high, the federal debt had quadrupled in the previous 12 years. When Vice President Gore and I took office, the budget deficit was $290 billion, and
it was projected this year the budget deficit would be $455 billion."
Instead, the president explained, the $5.7 trillion national debt has been reduced by $360 billion in the last three years -- $223 billion this year
alone.
This represents, Clinton said, "the largest one-year debt reduction in the history of the United States."
Now, we currently have this to look forward to:
Bush Budget Would Bring Record Deficits
By ANDREW TAYLOR – Feb 4, 2008
WASHINGTON (AP) — The record $3.1 trillion budget proposed by President Bush on Monday is almost sure to produce eyepopping federal deficits,
despite his attempts to impose politically wrenching curbs on Medicare and eliminate scores of popular domestic programs.
The Pentagon would receive a $36 billion, 8 percent boost for the 2009 budget year beginning Oct. 1, even as programs aimed at the poor would be cut
back or eliminated. Half of domestic Cabinet departments would see their budgets cut outright.
Slumping revenues and the cost of an economic rescue package will combine to produce a huge jump in the deficit to $410 billion this year and $407
billion in 2009, the White House says, just shy of the record $413 billion set four years ago.
But even those figures are optimistic since they depend on rosy economic forecasts and leave out the full costs of the war in Iraq. The White House
predicts the economy will grow at a 2.7 percent clip this year, far higher than congressional and private economists expect, and the administration's
$70 billion figure for military operations in Iraq and Afghanistan is simply a placeholder until the next president takes office.
Of course, both those articles are found here at the
U.S. National Debt Clock
Current estimates as of this writing are:
U.S. NATIONAL DEBT CLOCK
The Outstanding Public Debt as of 15 Feb 2008 at 07:39:56 AM GMT is:
$ 9 , 2 4 6 , 2 1 7 , 2 4 1 , 5 0 7 . 3 4
The estimated population of the United States is 304,363,553
so each citizen's share of this debt is $30,378.86.
The National Debt has continued to increase an average of
$1.47 billion per day since September 29, 2006!
So ... in less than 8 years, we went from a surplus to nearly doubling our debt. Guess Jr. can't do anything as well as his father, but he sure
tries!
You don't have to dislike Bush, just his handling of the budget.
You don't have to like Clinton, just his handling of the budget.
