CHESSNOID

I remember not too long ago when we had a Democrat President and a Republican controlled House and Senate and something crazy happened.  We had a budget surplus.  Under President Clinton’s watch, there were 3 budget surpluses AND we were to be rid of our national debt by the year 2012. How could things get mucked up in less than a decade?  And why is our current president trying to make it even worse?

Just imagine if you were able to pay off all your bills and had no  mortgage, no car payment, no car loan, no student loans, no credit card debt.  How would your life change with all the extra money you have after paying for food and utilities?  Well, that was the plan for our federal government to be debt free.  The national debt PAID off by 2012.  If only we didn’t have that last president and congress for the last 8 years, then maybe things would be different now.  

The Clinton/Gore Administration: largest surplus in history on track, paying off the Debt by 2012. (9/27/00)

Today, President Clinton will announce that we:

• Estimate a surplus of at least $230 billion in FY2000.
• Remain on track to pay off the entire debt by 2012.
• Will reduce the debt by an estimated $223 billion in FY2000 and more than $360 billion over last 3 years.

LARGEST UNIFIED SURPLUS EVER AND THE ONLY ON-BUDGET SURPLUS SINCE MEDICARE WAS ESTABLISHED

• Instead of a $455 billion deficit, the surplus this year will be at least $230 billion. In 1992, the deficit in the Federal budget 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. Today, the Clinton/Gore Administration is estimating that the surplus will be at least $230 billion this year – the third consecutive surplus and the largest surplus ever, even after adjusting for inflation. Compared with original projections, these results mean that there is over $685 billion less of a government drain on the economy and over $685 billion more that is available for private investment in this one year alone.
• Largest unified surplus as a share of the economy since 1948. The 2000 surplus is projected to be 2.4 percent of GDP – the largest surplus as a share of the economy (”GDP”) since 1948.
• The third consecutive year with a surplus—for the first time in over 50 years. The estimated surplus of at least $230 billion follows a surplus of $124 billion in FY 1999 and $69 billion in FY 1998. The last time America had three surpluses in a row was over fifty years ago in 1947-49. The FY2000 surplus marks the eighth consecutive year of fiscal improvement for the first time in American history – surpassing the pre-Clinton-Gore best of five straight years.
• The second consecutive surplus excluding Social Security. Excluding Social Security, the surplus is projected to be $80 billion this year. This is the second consecutive surplus on this basis, for the first time since 1956-57.
• The first surplus excluding Social Security and Medicare. This is the only on-budget surplus since Medicare was established in 1965. (The on-budget surplus excludes Social Security and Medicare surpluses).

LARGEST DEBT REDUCTION EVER

• The President’s plan to eliminate the debt by 2012 remains on track. President Clinton’s budget proposes to reduce the debt held by the public by $2.9 trillion over the next decade and to eliminate it by 2012. The President’s debt reduction comes from saving the entire $2.3 trillion Social Security surplus, the entire $403 billion Medicare surplus, and $192 billion of the on-budget surplus for debt reduction.