American Samizdat

Sunday, September 18, 2005. *
Ex-president drops some finance science
On the US budget, Clinton warned that the federal deficit may be coming untenable, driven by foreign wars, the post-hurricane recovery programme and tax cuts that benefitted just the richest one percent of the US population, himself included.

"What Americans need to understand is that ... every single day of the year, our government goes into the market and borrows money from other countries to finance Iraq, Afghanistan, Katrina, and our tax cuts," Clinton said.

"We have never done this before. Never in the history of our republic have we ever financed a conflict, military conflict, by borrowing money from somewhere else."

Clinton added: "We depend on Japan, China, the United Kingdom, Saudi Arabia, and Korea primarily to basically loan us money every day of the year to cover my tax cut and these conflicts and Katrina. I don't think it makes any sense."


united states federal budget deficits and surpluses, 1967-2006

united states national debt, 1967-2006
posted by mr damon at 5:27 PM
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