USANews版 - John Kasich NEVER Balanced The Federal Budget..NEVER! |
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l****z
发帖数: 29846 | 1 by Jeff Dunetz via "The Lid"
John Kasich keeps talking about how when he was the Chairman of the House
Budget Committee during the Clinton Administration the federal budget was
balanced. That’s just not true. The last time the federal budget was
balanced was during the Eisenhower administration. The federal budget was
not balanced in any of Bill Clinton’s eight years as President. Not once!
The federal government has two types of debt public debt and intra-
governmental debt. Public debt is comprises securities held by investors
outside the federal government, including that held by investors, the
Federal Reserve System and foreign, state and local governments Intra-
governmental debt comprises Treasury securities held in accounts
administered by the federal government, such as the Social Security Trust
Fund.
Traditionally the annual federal government budget deficit or surplus is the
cash difference between government receipts and spending, ignoring intra-
governmental transfers. This is a trick as intra-governmental debt needs to
be repaid just like the publicly held debt. This is also how Clinton claimed
a surplus in three out of his last four years. (Source for all of the
numbers below, US Treasury Direct).
Fiscal
Year End
Date Public
Debt Claimed Surplus
FY1997 09/30/1997 $3.789667T
FY1998 09/30/1998 $3.733864T $69.2B
FY1999 09/30/1999 $3.636104T $122.7B
FY2000 09/29/2000 $3.405303T $230.0B
FY2001 09/28/2001 $3.339310T
These figures include the public debt but not the intra-governmental debt.
Its like paying off your American Express card while ignoring the fact that
your Mastercard over the limit and months past due. Your Amex looks great
but your budget is not balanced.
When the Treasury department reports the National Debt (now over $19
trillion) it counts both public and intra-governmental debt. Clinton’s
first full budget proposal in 1993 took effect in October 1993 and concluded
September 1994 (FY1994) and his last started in October 2000 and ended in
September 2001. Using those bookends and subtracting each year’s national
debt from prior years, here’s the national debt at the end of each year of
Clinton Budgets.
Fiscal Year YearEnding National Debt Deficit
FY1993 09/30/1993 $4.411488 trillion $346.87 billion
FY1994 09/30/1994 $4.692749 trillion $281.26 billion
FY1995 09/29/1995 $4.973982 trillion $281.23 billion
FY1996 09/30/1996 $5.224810 trillion $250.83 billion
FY1997 09/30/1997 $5.413146 trillion $188.34 billion
FY1998 09/30/1998 $5.526193 trillion $113.05 billion
FY1999 09/30/1999 $5.656270 trillion $130.08 billion
FY2000 09/29/2000 $5.674178 trillion $17.91 billion
FY2001 09/28/2001 $5.807463 trillion $133.29 billion
To be fair, Clinton’s FY 2000 budget came very close, it only added about $
18 billion to the national debt, but in his last budget he was back up over
$130 billion.
Despite what you may hear from Democrats there were no giant surpluses that
Bush squandered (Bush did overspend, but there was no surplus to squander).
The myth of Kasich helping Clinton balance the budget and producing
surpluses belongs with unicorns, elves and Mexico paying for Trump’s wall.
The last president to preside over a balanced budget/surplus was Dwight
Eisenhower, whose government saw surpluses of approximately $2 billion
dollars in 1956 and 57.
Neither John Kasich, Bill Clinton nor any one else deserve credit for
balancing the budget in the 1990s, because the budget was never balanced. | s*********e
发帖数: 1814 | | t*******d
发帖数: 12895 | |
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