Thursday, 31 January 2013
Bill Clinton's record
Posted on 05:08 by Unknown
Bill Clinton sold America down the river by encouraging sub prime lending, government guarantees for Freddie and Fannie and the repeal of Glass Steagall.
The tiny surplus that was run for 2 years under Clinton was the result of temporary massive increases in Capital Gains Tax revenues as a result of the Nasdaq & stock market bubble.
This bubble was exacerbated by the Federal Reserve and supported by Bill Clinton.
EVERY Western country ran surpluses during this period - even Greece.
The US budget surplus was tiny as a percentage of GDP. Most other countries had FAR higher surpluses.
If you think that Bill Clinton did anything to help ordinary Americans - you are wrong. He helped the big banks and the large Corporations to make more profits - just like GW Bush and Obama.
Bill Clinton kick started the housing bubble and crash, from which America is still trying to recover from and is being unsuccessful at, because both Obama and GOP leaders advocate policies that are directly contrary to those that would make America stronger - both economically and strategically.
The housing bubble and crash was greatly exacerbated by GW Bush of course.
As were America's economic ills in general.
JOBS
It is often said that Bill Clinton created lots of jobs.
It is true of course that many more jobs were created in America during Bill Clinton's tenure.
But it should be taken in context of the global economy.
EVERY Western country and many developing countries created lots of jobs between 1992 and 2000 - it was global boom time.
Bill Clinton did not create more jobs relative to other Western countries,
Bill Clinton's policies did NOT create the jobs, he was just lucky to have been President during a global economic boom.
Bill Clinton laid the foundations for what we now have - economic depression, through his policies of massively increasing the money supply, encouraging consumerism and discouraging productive long term investment, during his tenure.
GW Bush of course massively exacerbated Bill Clinton's mistakes.
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