Bill Clinton on Budget & Economy

Longest Economic Expansion in US History

Source: 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 Presidentís plan, we are now on track to eliminate the nationís publicly held debt by 2012.

Source: web site Dec 1, 2000

Cut the deficit to lower interest rates

[We put] the nationís economic house in order by focusing on cutting the deficit in half, bringing interest rates down, and spurring private investment to fire up the nationís 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 childrenís 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.

Source: Between Hope and History, by Bill Clinton, p. 23-24 Jan 1, 1996

Focus on education, investment, and change

    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:
  1. Emphasize education and training, not just of our children but also of our adults.
  2. Give new incentives to the private sector to invest in the economy.
  3. Think a lot about organizing to make change our friend instead of our enemy.
Source: Clinton on Clinton, p. 69, article ďAlienated AmericansĒ Jul 2, 1980

Other candidates on Budget & Economy: Bill Clinton on other issues:
John Ashcroft
Pat Buchanan
George W. Bush
Dick Cheney
Bill Clinton
Hillary Clinton (D,NY)
Elizabeth Dole
Steve Forbes
Rudy Giuliani (R,NYC)
Al Gore
Alan Keyes
John McCain (R,AZ)
Ralph Nader
Ross Perot
Colin Powell
Jesse Ventura (I,MN)

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