Greenspan says Clinton BEST!

[top gun]

Popeye... I guess we could do this all day. There are a lot of things that make an overall good economy and straight arrow up Republican deficits ain't on any list of good things... LoL! We can only hope and pray that the next President Clinton is as bad at working with our economy as the first was!

THE ECONOMY UNDER PRESIDENT CLINTON:
The Longest Peacetime Expansion in History --
More than 18 Million New Jobs
April 2, 1999

The American Economy Created Over 18 million new jobs under President Clinton -- We Now Have the Longest Peacetime Expansion in American History. In 1992, the American economy was barely creating jobs, wages were stagnant, and the unemployment rate was 7.5 percent. Six years ago, President Clinton put in place a bold new three-part economic strategy of cutting the deficit to help reduce interest rates and spur business investment; investing in education, health care, science and technology so that America was prepared to meet the challenges of the 21st century; and opening markets abroad so that American workers would have a fair chance to compete and win across the globe.

18.2 Million New Jobs Under President Clinton. Since President Clinton took office, the economy has added 18.2 million new jobs -- that's 2.2 million more new jobs in six years than were created during the entire eight years of the Reagan Administration (18.2 million under Clinton vs. 16.0 million under Reagan).

Unemployment At 4.2 Percent in March -- A 41-Year Peacetime Low And The Lowest Level During This Economic Expansion. In 1992, the unemployment rate was 7.5 percent. In March, the unemployment rate was 4.2 percent. The unemployment rate has been below 5% for 21 months in a row -- that is the lowest sustained unemployment rate during peacetime in 41 years.

Highest Share of New Jobs in Private Sector in 50 Years. Since President Clinton and Vice President Gore took office, the private sector of the economy has added 16.8 million new jobs -- with 2.4 million jobs added in the past year. Under President Clinton and Vice President Gore, 92 percent of the 18.2 million new jobs have been in the private sector -- that's the highest percentage in 50 years.

Fastest and Longest Real Wage Growth in Two Decades. Last month, average hourly earnings increased 0.2 percent. Under President Clinton and Vice President Gore, real wages have risen 6.1 percent compared to declining 4.3 percent during the Reagan and Bush years. After adjusting for inflation, wages have increased almost 2.7 percent in 1998 -- that's the fastest real wage growth in more than two decades and the third year in a row -- the longest sustained growth since the early 1970s.

Construction Jobs Are Coming Back. Under President Clinton and Vice President Gore, construction jobs are coming back: after losing 662,000 jobs in construction during the previous four years, 1.7 million new construction jobs have been added since January 1993 -- that's a faster annual rate than any other Administration since Harry S Truman was President.

Manufacturing Jobs Are Up Under President Clinton, But Are Being Hurt by the Financial Crisis in Asia. After losing 2.1 million manufacturing jobs between 1981 and 1992, the economy has created 350,000 new manufacturing jobs since January 1993. In the auto industry, after losing 46,000 jobs in the auto industry during the Bush Administration, we have 147,000 new auto jobs during the Clinton-Gore Administration. And for the first time since the 1970s, America has led the world in auto production for four years in a row.

Unemployment Remains Historically Low for African Americans and Hispanics. Under President Clinton and Vice President Gore, the Hispanic unemployment rate has dropped from 11.3 percent in January 1993 to a record low of 5.8 percent in March 1999 (data first collected in 1973). And the African-American unemployment rate has fallen from 14.1 percent in January 1993 to 8.1 percent in March 1999 -- one of its lowest levels on record (data first collected in 1972).

Inflation -- Lowest Since 1950s. Last week, the GDP numbers were revised. In 1998, the GDP price index rose 1.0 percent at an annual rate -- its lowest level since the 1950s.

 

[top gun]

PRESIDENT CLINTON AND VICE PRESIDENT GORE: FROM AN ERA OF DEFICITS TO AN ERA OF SURPLUSES -- AN ESTIMATED BUDGET SURPLUS OF $39 BILLION IN 1998
May 26, 1998

Today, President Clinton and Vice President Gore Announce An Historic Achievement: After Years of Escalating Deficits, The Office of Management and Budget (OMB) Now Projects The Budget Surplus Will Reach $39 Billion This Year. The key findings of the OMB's Mid-Session Review of the 1999 budget are:

Instead of $357 Billion Deficit, $39 Billion Budget Surplus This Year. When President Clinton and Vice President Gore took office, the Congressional Budget Office (CBO) projected the deficit to be $357 billion this year and heading higher; now, the Administration projects the surplus to be $39 billion this year and growing bigger.

$39 Billion Surplus -- The First in A Generation. In 1992, the deficit was $290 billion -- the biggest dollar deficit in American history. This year, OMB now projects the surplus to be $39 billion -- the first in a generation (1969) and the biggest dollar surplus in American history. As a share of GDP, the budget surplus would be 0.5 percent this year -- the largest since 1957.

Six Years in A Row of Fiscal Improvement -- The First Time in U.S. History. Reaching a surplus in 1998 marks the sixth consecutive year of improved fiscal balance -- the longest period in American history.

Surplus Estimated To Reach Nearly $150 Billion By 2002. President Clinton promised to balance the budget by 2002. The budget will be balanced this year -- four years ahead of schedule -- and the surplus is expected to hit $148 billion in 2002 -- part of what would be the longest and largest sustained debt reduction in our history. And, instead of the $579 billion deficit projected by CBO for 2002, we now project a surplus of $148 billion -- a $727 billion swing.

While Producing the Smallest Government in A Quarter Century, President Clinton Has Expanded Critical Investments in the Future. President Clinton's 1993 Economic Plan included $255 billion in spending cuts over five years -- more than half of the total deficit reduction package. As a result, federal spending as a share of the economy has declined for each of the past six years and is now the lowest in 24 years. However, as spending has been cut in lower priority areas, President Clinton has dramatically increased funding in critical areas, such as education and training, children, the environment, health care, and research and development.

While Eliminating The Budget Deficit, President Clinton Has Provided Tax Relief for Middle-Income Families. Because of the tax cuts for working families signed into law by the President in 1993 and 1997, the typical American family of four will face the lowest federal tax burden in more than two decades (1976). President Clinton proposes to build off this record to provide additional targeted tax relief for child care, education, and the environment.

We Can Not Turn Back: We Have Fixed The Fiscal Deficit, Now We Need To Fix The Generational Deficit. In the State of the Union, President Clinton said that any projected budget surpluses should be reserved until Social Security is reformed. Today's achievement of the first balanced budget in three decades makes President Clinton's call even more timely. President Clinton will oppose any budget that fails to set aside surpluses until we have strengthened Social Security for the 21st century.

For America's Working Families, The Improved Fiscal Situation Means Lower Mortgage Rates And A Brighter Economic Future. Here's what the improved fiscal situation means to typical families:

Lower Deficits Mean a Lower National Debt -- $25,000 Less Debt for a Family of Four. The national debt will be $1.7 trillion lower in fiscal year 1999 than projected in 1993 -- that's $25,000 less debt for each family of four in America.

Lower Deficits Mean Lower Interest and Mortgage Rates -- Saving Families Thousands. Over the past six years, the government's share of total borrowing in U.S. credit markets has fallen to 6 percent from nearly 60 percent -- which, according to the Wall Street Journal (5/7), has played a "major role" in keeping down interest rates. According to the New York Times and Money magazine, lower mortgage rates have saved the 10 million families who refinanced their home mortgages $1,000 to $2,000 per year, on average. [Source: New York Times, 8/3/96; Money, 8/96]

Lower Mortgage Rates Mean Higher Homeownership. Lower mortgage rates -- along with higher family incomes, faster job growth, and the President's National Homeownership Strategy -- have helped raise the national homeownership rate to its highest level in American history. [Source: Bureau of the Census.]

Lower Interest Rates Mean Faster Business Investment Growth. Under President Clinton, real business investment growth has averaged 12.2 percent -- the fastest since John Kennedy was President. [Source: Bureau of Economic Analysis, Department of Commerce.]

Faster Business Investment Growth Means Faster Economic Growth and More Jobs. Faster business investment growth helps expand capacity and has led to faster economic growth and more jobs under President Clinton.

Since President Clinton took office, the private sector of the economy has grown 3.7 percent per year -- far stronger than under President Reagan (3.0 percent per year), the economy has added 15.2 million new jobs, and unemployment has fallen to 4.3 percent -- the lowest in 28 years. [Source: Based on data from the Bureau of Economic Analysis, Department of Commerce, and Bureau of Labor Statistics.]

Experts Agree That President Clinton's 1993 Economic Plan Helped Cut the Deficit, Lower Interest Rates, Spur Business Investment, and Strengthen the Economy. The economy and the budget are now working in a virtuous circle -- lower deficits have led to lower interest rates which have led to faster business investment which led to faster growth which led to even lower deficits. Experts agree that President Clinton's 1993 Economic Plan helped create this virtuous circle.

Alan Greenspan, Federal Reserve Chairman, 2/20/96: The deficit reduction in the President's 1993 Economic Plan was "an unquestioned factor in contributing to the improvement in economic activity that occurred thereafter."

Business Week, 5/19/97: "Clinton's 1993 budget cuts, which reduced projected red ink by more than $400 billion over five years, sparked a major drop in interest rates that helped boost investment in all the equipment and systems that brought forth the New Age economy of technological innovation and rising productivity."

Goldman Sachs, March 1998: One of the reasons Goldman Sachs cites for "the best economy ever" is that "on the policy side, trade, fiscal, and monetary policies have been excellent, working in ways that have facilitated growth without inflation. The Clinton Administration has worked to liberalize trade and has used any revenue windfalls to reduce the federal budget deficit."

U.S. News & World Report, 6/17/96: "President Clinton's budget deficit program begun in 1993... [led] to lower interest rates, which begat greater investment growth (by double digits since 1993, the highest rate since the Kennedy administration), which begat three-plus years of solid economic growth averaging 2.6 percent annually, 50 percent higher than during the Bush presidency."

Paul Volcker, former Federal Reserve Chairman, Audacity, Fall 1994: "The deficit has come down, and I give the Clinton Administration and President Clinton himself a lot of credit for that... and I think we're seeing some benefits."

Fortune, 10/3/94: "[The President's 1993] economic plan helped bring interest rates down, spurring the recovery."

Hmmm... those noted in green all seem pretty qualified to assess an economy and give credit where credit is do to me . But then we all already knew Clinton was a smart, highly qualified, charismatic leader, respected throughout the world... and of course he worked hard on a good economy here at home.

 

[palerider]

Alan Greenspan was first appointed Fed chairman by Ronald Reagan, he has served with distinction under the subsequent presidents, Clinton being the only Democrat, until his retirement in 2006. Given that, outside of your opinion, by what basis do you make such a character damning statement as "it has been established that he has lied in his book"?

Nothing more than the fact that he lied. Isn't that enough?

 

[palerider]

PRESIDENT CLINTON AND VICE PRESIDENT GORE: FROM AN ERA OF DEFICITS TO AN ERA OF SURPLUSES -- AN ESTIMATED BUDGET SURPLUS OF $39 BILLION IN 1998

Excellent. Except for the fact that the surplus never materialized. It was all "projected" surplusses and they never happened. It appears that you are trying to build his legacy on what he wished would happen rather than what actually did. Sad.

 

[Popeye]

Nothing more than the fact that he lied. Isn't that enough?

You continue to call Alan Greenspan a liar, but do you have some facts to back it up?

 

[Coyote]

I still think Greenspan knows what he's talking about - I've seen no evidence to show otherwise.

 

[palerider]

You continue to call Alan Greenspan a liar, but do you have some facts to back it up?

I have already pointed out the lies that he has told. What else do you need?

He says that he didn't endorse the tax cuts of 2001. A lie.

He says that he had nothing to do with the present housing bubble. A lie.

He says that he did not ignore the stock market bubble that cost trillions when it burst. A lie.

If you are so unaware of greenspan's history that you are unable to identify these three statements as lies, then you are hardly qualified to place any trust in what greenspan has said at all and have exposed your adoration abd confidence in greenspan as nothing more than adoration of someone who praises clinton over bush with little, if any grasp of fact. But then, your inability to state what it was that clinton did to "handle" the economy exposed that already.

 

[palerider]

I still think Greenspan knows what he's talking about - I've seen no evidence to show otherwise.

So the fact that he lied on other issues is irrelavent to you?

 

[Coyote]

Can you provide sources for these lies and context?

 

[palerider]

Can you provide sources for these lies and context?

That is funny coyote. Do you really need a source to identify every lie told to you? Are you really so gullible? Refer to history. I am not going to take your request seriously.

 

[Popeye]

That is funny coyote. Do you really need a source to identify every lie told to you? Are you really so gullible? Refer to history. I am not going to take your request seriously.

So, to interpret your answer, you are saying you have no source to back up your assertion that Greenspan is a liar. If you have a source, would you please post it.

 

[palerider]

So, to interpret your answer, you are saying you have no source to back up your assertion that Greenspan is a liar. If you have a source, would you please post it.

I listed the lies he told. Are you so ill informed that you are unaware of what greenspan has has not supported and policy he has enacted in the past 15 years or so? If that is true, how is it that you place so much creedence in what he says?

But to help decrease the vastness of your apparent political ignorance, here is a link or two to demonstrate his lies. The sources are endless for those who aren't too damned lazy to do a search, or to damned blinded by their own bias to care.


http://www.washingtonpost.com/wp-dyn/articles/A36514-2005Mar15.html

http://www.myrealestatebubble.com/htp/the_dotcom_bubble_and_its_lessons.pdf

http://moneycentral.msn.com/content/P131154.asp

Clip:

That leads me to Alan Greenspan -- the very man who created the conditions for the stock bubble and the housing bubble -- who (1) claimed that real estate couldn't experience a bubble, (2) actually suggested that folks obtain adjustable-rate mortgages as short-term rates were making their lows, and (3) has been unable to realize that the Fed should have been warning banks about their imprudent lending standards.

The fact is that greenspan is trying to rewrite some of his own history because he is in great part, responsible for about 5 trillion dollars vanishing down the drain and possibly another 6 or 7 trillion if the housing bubble bursts.

 

[top gun]

So, to interpret your answer, you are saying you have no source to back up your assertion that Greenspan is a liar. If you have a source, would you please post it.

I just LOVE it... I mean absolutely LOVE IT!!! As untrue as it is they can't say it enough for me. Keep saying it... That Republican Alan Greenspan is a liar and an economic idiot!

It's the Democrats that have now taken over Reagan's 11th Commandment... Never speak ill of another "Democrat"... it belongs to the DEMS now!

Sit back and watch the pubbies insult and cannibalize each other. I could not be happier. Sure sign the Republicans are really going down BIG TIME in 08.

 

[ArmChair General]

I just LOVE it... I mean absolutely LOVE IT!!! As untrue as it is they can't say it enough for me. Keep saying it... That Republican Alan Greenspan is a liar and an economic idiot!

It's the Democrats that have now taken over Reagan's 11th Commandment... Never speak ill of another "Democrat"... it belongs to the DEMS now!

Sit back and watch the pubbies insult and cannibalize each other. I could not be happier. Sure sign the Republicans are really going down BIG TIME in 08.

hahah, you can thank Dubya fer dat one. Well, him and the Ted Haggards and the Gary Aldridge’s, the Larry Craigs and all the other Conservative Republicans who've exposed the GOP as a bunch of liars and hypocrites.

 

[ArmChair General]

I have already pointed out the lies that he has told. What else do you need?

He says that he didn't endorse the tax cuts of 2001. A lie.

He says that he had nothing to do with the present housing bubble. A lie.

He says that he did not ignore the stock market bubble that cost trillions when it burst. A lie.

If you are so unaware of greenspan's history that you are unable to identify these three statements as lies, then you are hardly qualified to place any trust in what greenspan has said at all and have exposed your adoration abd confidence in greenspan as nothing more than adoration of someone who praises clinton over bush with little, if any grasp of fact. But then, your inability to state what it was that clinton did to "handle" the economy exposed that already.

Thats called poisoning the well.

"Greenspan has lied before, so he surely must be lying about everything" is a bad argument.

Your going to have to show who was responsible for the awesome economy during the Clinton Presidency and prove that Clinton didn't have a hand in it, thus proving that Greenspan was either incorrect, or a liar when he said that "The deficit reduction in the President's 1993 Economic Plan was "an unquestioned factor in contributing to the improvement in economic activity that occurred thereafter."