President of the U.S., 1993-2001; Former Democratic Governor (AR)
1995: Bill supported balancing budget in 10 years
In 1995, Bill decided to balance the budget in ten years because “the pain we’d inflict on our elderly, our students, and our economy” in the GOP 7-year plan “just isn’t worth it.” He promised to cut taxes on the middle class rather than the rich, and he
drew sharp distinctions between his way and the GOP way, particularly on Medicare-cost savings. He insisted the GOP wanted to raise health care premiums for the elderly, while he planned to cut Medicare costs by reducing payments to hospitals.
Source: For Love of Politics, by Sally Bedell Smith, p.213
Oct 23, 2007
First modern Pres.to use fiscal discipline to balance budget
The budget deficit inherited from the Bush presidency was staggering. Bill Clinton felt a commitment to the kind of fiscal politics out of which Republican presidents had made rhetorical hay for two generations, while presidents from both parties allowed
debt to pile up.
Most of the platform that had been the foundation for Clinton’s victory, which featured a menu of social programs, was instantly challenged. Ironically, those first 100 days, while the bottom sometimes seemed to be falling out of the
new presidency, the course was actually set for a historic economic recovery and boom.
Clinton alone among contemporary presidents grasped the possibilities of the global economy, and what the explosive power of America’s technical invention &
new industries could do for the domestic economy. He became the first modern president to actually exercise, as opposed to merely talk about, the fiscal discipline necessary to cut and even balance the federal budget.
Borrowing money to pay for the deficit fails our trade laws
With over $400 billion in deficit this year and for years to come, how do they pay for that deficit? First, by taking the Social Security surplus that comes in every month and endorsing the checks of working people over to me to pay for the tax cuts.
But it’s not enough. So they have to go borrow money. Most of it they borrow from the Chinese and Japanese governments. Sure, these countries are competing with us for good jobs, but how can we enforce our trade laws against our bankers? I mean, come on!
Source: Speech to the Democratic National Convention
Jul 29, 2004
Longest Economic Expansion in US History
In February 2000, the United States entered the 107th consecutive month of economic expansion -- the longest economic expansion in history.
22.2 million new jobs have been created since 1993, the most jobs ever created under a single
Administration -- and more new jobs than Presidents Reagan and Bush created during their three terms. 91 percent (19.9 million) of the new jobs have been created in the private sector, the highest percentage in 50 years.
Unemployment is down from
7.5 percent in 1992 to 4.0 percent in June 2000, and in April the unemployment rate was the lowest in over 30 years. The unemployment rate has fallen for seven years in a row, and has remained below 5 percent for 34 months in a row.
The poverty rate has fallen from 15.1 percent in 1993 to 12.7 percent in 1998. That’s the lowest poverty rate since 1979 and the largest five-year drop in poverty in nearly 30 years.
Source: WhiteHouse.gov web site
Dec 1, 2000
Pay off National Debt to reduce interest payments for all
In 1992, the Federal budget deficit was $290 billion - the largest dollar deficit in American history. In January 1993, the Congressional Budget Office projected that the deficit would grow to $455 billion by 2000. The Office of Management and
Budget is now projecting a $211 billion surplus for 2000 - the third consecutive surplus and the largest surplus ever, even after adjusting for inflation.
In 1998 and 1999, the debt held by the public was reduced by $140 billion, and the
government is projected to pay down an additional $184 billion in public debt this fiscal year alone. Debt reduction brings real benefits for the American people -- a family with a home mortgage of $100,000 might expect to save roughly
$2,000 per year in mortgage payments. Reduced debt also means lower interest rates and reduced payments on car loans and student loans. With the President’s plan, we are now on track to eliminate the nation’s publicly held debt by 2012.
Source: WhiteHouse.gov web site
Dec 1, 2000
Cut the deficit to lower interest rates
[We put] the nation’s economic house in order by focusing on cutting the deficit in half, bringing interest rates down, and spurring private investment to fire up the nation’s stagnant economy. When I ran for president, job growth had been at the lowest
level since the Great Depression, unemployment was at 8%, and the deficit was soaring out of control. After I was elected, we waged a brutal fight in Congress to pass a new economic plan.
Well, three and a half years later, we cut the deficit by more
than half. In fact, we would have a budget surplus today but for the interest we pay on the debt run up in the twelve years before I took office.
Cutting the deficit further until we balance the budget is vital to our future. The burden of this
deficit drags us down today and jeopardizes our children’s future tomorrow. Lowering it brings interest rates down so more Americans can buy homes and cars, start businesses, go to college, and build a better future for themselves and their families.
We need a national economic strategy as well as a human-development strategy that recognizes that what people earn depends largely on what they can learn and whether their economies are organized for change. So the three central ideas in my economic
policy are:
Emphasize education and training, not just of our children but also of our adults.
Give new incentives to the private sector to invest in the economy.
Think a lot about organizing to make change our friend instead of our enemy.
Source: Clinton on Clinton, p. 69, article “Alienated Americans”
Jul 2, 1980
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