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Nancy Pelosi and Harry Reid. In just two years, they took a $160 billion budget deficit and turned it into a $1.6 TRillion deficit.(my bad)
Huh??? In what alternate universe did Pelosi/Reid reduce the deficit? Did you mean the reverse? If so, got it. lol
1998-2001...GOP welfare reform/W.J. Clinton.Table 1.1: https://www.whitehouse.gov/omb/historical-tables/
Yeah, IIRC Congress switched over to GOP in Clinton's 2nd year? Was it "Reid/Pelosi" for the 1st 2? In any case you are/probably are correct...it was Newt/GOP/W.J. Clinton that managed to sorta "balance the budget"/"Balance the CR's" for 1998-2001.
If my memory serves..... the GOP had control of the House back then. Remember Newt's Contract With America?
Clinton had to be dragged, kicking and squealing .... (he vetoed the first time) to sign off on it. Problem was.... the GOP, back then, had overwhelming support from the public... which pressured Clinton to cave and sign it. As a result, the economy boomed.... the rats took credit. Ho-hum....nothing ever changes.
Yes, because at some point our foreign lenders will say no more and start dumping our debt and currency. People have no clue what we're zombie walking into.
The problem with that is then where else will they go? Historically, the lenders start getting anxious went public debt to GDP ratio gets above 80%. That’s what happened in southern Europe. There are advantages that the US has that other countries don’t. For example, the US economy is the largest in the world. But this can’t go on forever. And instead of anyone talking about cutting spending, we have people talking about new government programs that we cannot realistically pay for.
Why doesn't the Treasury go to the Social Security Trust Fund to get some money? The Trust has accumulated trillions of surplus funds that can be used by the Treasury to fund its obligations. Al Gore says the money is there.
reagan cut taxes in 1981 and then raised them in 1982......just saying