Arkansas Blog

Of course, there's no way to prove any of it - purely speculation - but wouldn't it be interesting to see what our economy would look like now if Bill Clinton had never been elected and we went straight from a Daddybush 2nd term into Babybush's first? Of course, if it weren't for Clinton, 9/11 would never have occurred (you know they planned the whole thing in some dark room while he was president, and he didn't catch them because he was spending all his time changing a deficit to a surplus and not invading countries). That had a profound effect on the econ. As did Katrina - which God planned while Clinton was president too. And again, Bill did nothing to stop Him.
REpugs are big on "if's".
If GWB had wings, would he still be stupid?

I like the AETN ads on the right!

But yeah, the stock market has plunged 20.2% since October ---> Credit crisis, oil prices, inflation, job losses, weak currency, etc.

An economist said that where the stock market is usually an omen for what's to happen with the economy (duh), but the problem is that the stock market hasn't finished bottomming out yet, so we don't know how bad it's going to get.

Yeah, Rick, he would still be stupid even if he had wings, but he proly wouldn' have gotten a black eye when he got drunk and fell off the couch, and if Bill Clinton hadn't been elected......oh heck, if Bill Clinton hadn't been born, there would be no place called Hope and Huckabee might have been birthed in some other state.

=================================================================

The dollar keeps getting weaker and nothing is being done about the oil speculators.
We are headed for a depression if something is not done about it soon.

=================================================================

'tis Bill's fault (let me count the ways)

1. the bastard balanced the yearly Federal Budget (cost the moneylenders/MIC lots of $$$)
2. he re-appointed Alan Greenspan
3. som'n @ a pizza-girl maybe sorta costing Gore the election ???

but the important question now IS...

"is another WAR the ONLY way to avert another DEPRESSION?"

i expect many folks in NY & DC would say the answer is YES
and that is truly scary (especially since they have another 203 days to do it)

"is another WAR the ONLY way to avert another DEPRESSION?"

The Iraq war is a large part of the current economic problems.
Another war would put us into a depression for sure.

Relaxation and meditation time. You will close your eyes and relax. Listen to the soothin, relaxing music and now slowly awaken to a time long ago, when once upon a time....

President Clinton announces another record budget surplus

From CNN White House Correspondent Kelly Wallace

September 27, 2000
Web posted at: 4:51 p.m. EDT (2051 GMT)

WASHINGTON (CNN) -- President Clinton announced Wednesday that the federal budget surplus for fiscal year 2000 amounted to at least $230 billion, making it the largest in U.S. history and topping last year's record surplus of $122.7 billion.

"Eight years ago, our future was at risk," Clinton said Wednesday morning. "Economic growth was low, unemployment was high, interest rates were high, the federal debt had quadrupled in the previous 12 years. When Vice President Gore and I took office, the budget deficit was $290 billion, and it was projected this year the budget deficit would be $455 billion."

Clinton

President Clinton announces that the federal budget surplus for fiscal year 2000 is the largest in U.S. history

Instead, the president explained, the $5.7 trillion national debt has been reduced by $360 billion in the last three years -- $223 billion this year alone.

This represents, Clinton said, "the largest one-year debt reduction in the history of the United States ."

"Like our Olympic athletes in Sydney , the American people are breaking all kinds of records these days. This is the first year we've balanced the budget without using the Medicare trust fund since Medicare was created in 1965. I think we should follow Al Gore's advice and lock those trust funds away for the future," he said.

In June, the administration predicted the surplus would be $211 billion, and would increase by as much as $1 trillion over the next 10 years.

"The key to fiscal discipline is maintaining these results year after year. We need to put our priorities in order," Clinton said.

The president's news comes as lawmakers on Capitol Hill continue to wrestle with the fiscal year 2001 budget numbers. The new budget year begins October 1, and work has been completed on only two of the 13 annual spending bills, as the Republican-led Congress and the White House remain at odds over spending allocations.

"I am concerned, frankly, about the size and last-minute nature of this year's congressional spending spree, where they seem to be loading up the spending bills with special projects for special interests, but can't seem to find the time to raise the minimum wage, or pass a patients' bill of rights, or drug benefits for our seniors through Medicare, or tax cuts for long-term care, child care, or college education," Clinton said.

"These are the things that need to be done and I certainly hope they will be and still make the right investments and the right amount of tax cuts," Clinton said.

Rep. J.C. Watts, R-Oklahoma, chairman of the House Republican Conference, said the GOP wants 90 percent of the surplus used for the debt. In a CNN interview, he said the other 10 percent should be used to "take care of a lot of priorities we have, like prescription drugs, making sure that our education needs are met, making sure some of our national security needs are met, and doing that while at the same time protecting the Social Security surplus and the Medicare surplus."

That approach would be in lieu of tax cuts, which "we can't do this year because the president vetoed it," Watts said.

Clinton unveiled the new numbers in a statement at the White House before departing for fund-raising events in Dallas and Houston.

"This is part of our fiscal discipline to reduce the debt with the federal surplus," said one White House official who asked not to be identified. Reducing the debt, the official said, has "real effects for real Americans." It means lower interest rates for mortgages, car loans and college loans, and leads to an increase in investment and more jobs."

It is the third year in a row the federal government has taken in more than it spent, and has paid down the debt. The last time the U.S. government had a third consecutive year of national debt reduction was 1949, said the official.

The federal budget surplus for fiscal year 1999 was $122.7 billion, and $69.2 billion for fiscal year 1998. Those back-to-back surpluses, the first since 1957, allowed the Treasury to pay down $138 billion in national debt.

It's the economy stupider.

Oh yea, and the surplus would have been bigger if President Clinton had not lied about a sexual indiscretion which occurred in the White House and led to an impeachment. How's that Red? No boners

Now, where are increase in gas prices? Its been in the high 130's and now 140's for a week and the same gas stations I pass on my bicycle every day of the week are stil at $3.79, $3.84 - $3.89?

I hear of a Velro and Walmart battleing it out at $3.54 in Maumelle.

I'd think the prices would all be above $4.00 easy by now with the oil price the way it is the past week.

Go figure.

I don't understand it either but there does not seem to be a direct correlation between the price of oil and gas. Oil prices have doubled in the past year. Gas would be $5.50 a gallon if it has doubled as well.

Refining and labor have not increased.. also reserves are being used to reap as much short term uber profit. Which also creates the illusion of a shortage in inventory.. which they will need to create to justify their speculation.

That's not right Eureka. Look at the Sunoco or Tesoro chart pattern for the last year. Refining and labor may not have changed but what did a barrell of oil do? It went up. The refiners are all making less money than they did a year ago. Owning a refinery stock right now is akin to shorting the oil market.

In Econ back in the 70's we learned everything is a trade off. The economy can only produce guns and butter.

A higher percentage of guns means a lower percentage of butter. Too much guns means consumer dollars chasing a smaller pile of butter and prices rise.

Dang that perfessor must have known what he was talking about.

I love how you just brush off the idea that Clinton and democrats aren't responsible for this. ANWR would be online today, if it hadn't been for Bill. Democrats say more drilling won't bring the price down tomorrow. Someone please tell me anything democrats have proposed that will. Don't worry, there isn't an answer.

Anonyomous, drilling won't bring the price down because the Saudis have repeatedly increased production to try to got the price down. Everytime they increase production the price goes even higher. This is obviously due to speculators. Democrats have proposed higher margins for investing in the oil futures and other things to reduce the speculation. That's the only thing that will burst this oil price bubble.