Re: U.S. national debt - Clinton did NOT balance the budget)


"Too_Many_Tools" <too_many_tools@xxxxxxxxx> wrote in message
news:13d0cd8a-b09d-4094-80b2-edb8aca97176@xxxxxxxxxxxxxxxxxxxxxxxxxxxxxx
<snip>
Wrong...Clinton had it balanced.
Bush sold you and me, our children and their children down the river.

TMT

Clinton did not have a balanced budget.

http://www.letxa.com/articles/16

Understanding what happened requires understanding two concepts of what
makes up the national debt. The national debt is made up of public debt and
intergovernmental holdings. The public debt is debt held by the public,
normally including things such as treasury bills, savings bonds, and other
instruments the public can purchase from the government. Intergovernmental
holdings, on the other hand, is when the government borrows money from
itself--mostly borrowing money from social security.

When Clinton (and others) said that he had paid down the national debt, that
was patently false--as can be seen, the national debt went up every single
year. What Clinton did do was pay down the public debt--notice that the
claimed surplus is relatively close to the decrease in the public debt for
those years. But he paid down the public debt by borrowing far more money in
the form of intergovernmental holdings.

mike in montana


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