No matter where you get your news, it seems that the pitiful state of the American economy is the front and center story. One day it’s the foreclosure rate. On another day it’s about a major financial institution getting bailed out by the Fed. The most telling, however, was the article I found about tent cities going up in the Los Angeles area. This is particularly disturbing, especially when you look back at where this country was before George Bush took office.
When President Clinton took office, we were operating in deficit mode in part because of the disastrous economic policies of the Reagan-Bush (George H.W.) years. In August of 1993, President Clinton signed the Omnibus Budget Reconciliation Act, which raised taxes on the wealthiest 1.2% of taxpayers and lowered the taxes on 15 million low-income families. It also made tax cuts available to 90% of small businesses and reigned in spending. By 1998, the United States had its first surplus in 42 years. Now, everyone knows that all administrations take credit for these kinds of statistics, and the Clinton administration was no exception.
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