interesting thing,,, Clinton had the last "Balanced Budget" a surplus in fact, thanks or blamed, no doubt on the Congress, but, and this is a BIG BUTT,,,, balanced Budgets or big debt reduction have had a 100% negative result in our history...
1817-1821: U. S. Federal Debt reduced 29%. Depression began 1819. 1823-1836: U. S. Federal Debt reduced 99%. Depression began 1837. 1852-1857: U. S. Federal Debt reduced 59%. Depression began 1857. 1867-1873: U. S. Federal Debt reduced 27%. Depression began 1873. 1880-1893: U. S. Federal Debt reduced 57%. Depression began 1893. 1920-1930: U. S. Federal Debt reduced 36%. Depression began 1929. 1998-2001: U. S. Federal Debt reduced 9%. Recession began 2001 2004-2008: Deficit Growth reduced 40%. Recession began 2008.
"On Jan. 8, 1835, all the big political names in Washington gathered to celebrate what President Andrew Jackson had just accomplished. A senator rose to make the big announcement: "Gentlemen ... the national debt ... is PAID."
That was the one time in U.S. history when the country was debt free. It lasted exactly one year.
Point is, economics are cyclical and politician's plans, promises and lies are just window dressing on a roller coaster car...In our system someone has to incur debt or it's game over. Regulation should be counter cyclical. Reg in the good times and de-reg in the bad. Reduce Fed Debt in the Boom times and Borrow / Spend during the bad. But Pols do the opposite. jmho
The green line shows what would have happened to the national debt if Reagan and the Bushes had balanced their budgets as Reagan claimed he would. G.W. Bush, in all modesty, claimed he would "retire nearly $1 trillion in debt over the next four years. This will be the largest debt reduction ever achieved by any nation at any time." What would have happened if Reagan had been able to control spending and been right about his voodoo ?
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