Borrowing money with no intention of paying it back

Comments

  1. wedum59 says:

    As artiofab pointed out, the Clinton/Gore administration ran the leanest budget in the last ~ 50 years. If Gore had won in 2000, quite likely he would have continued to pay down the national debt, and it was estimated that by 2013 we would have ZERO national debt. John King wrote for CNN on 5-1-08:

    “WASHINGTON (CNN) – President Bill Clinton said Monday that the United States would pay off $216 billion in debt this year [THIS was the surplus–EW], bringing to $355 billion the amount of the nation’s debt paid down in the three years since the government balanced the budget and began running surpluses.

    In a written statement, Clinton said the $216 billion payment represented the largest debt paydown in American history, and he said that the federal government’s long-term debt is now $2.4 trillion
    lower than projected to be when he first took office. However, the U.S. government still has a long way to go before it pays down the entire national debt, which now stands at $5.7 trillion. [This is the DEBT, not the surplus.]

    ‘We should take advantage of this historic opportunity to use the benefits of debt reduction to extend the life of Social Security and Medicare and pay off the entire national debt by 2013 for the first
    time since Andrew Jackson was president,’ Clinton said.”

    Swickard just does the usual Republican spin…

  2. GFA says:

    Swickard missed any mention of banks, insurance companies etc., who fleeced thousands of Americans on mortgage deals and then had to be helped by the taxpayer. How do these wealthy crooks get paid back for ruining lives and nearly bringing the country to its knees? They keep their homes, their bonuses, their jobs, their drugs and their women. Some payback!

  3. gm says:

    Interesting….thought-provoking……..I do see big trouble ahead
    U should send your column to the know-it-all LC Wizard before u send it to Heath……On the other hand, I think he has his criticism ready before u even send it……El Grique, as we say in Spanish, should be weighing in with his omniscience any second now……

  4. Show Me says:

    Here we go again. Swickard tries to strike a moderate message, but once again flaks for the tea party – gop position. He says that American must pay its bills and make good on its obligations, yet not once does he say we must raise the debt ceiling so that we can not default on these same debt payments that he pretends to be so concerned about. Not once. Becasue of course raising the debt ceiling is not fashionable with his tea party far right GOP target audience. But who does Swickard use to make his final argument for potentially getting unwaranted government help – homeowners. He doesnt mention the wall street banks..he does not mention the uberwealthy and coroporate pork that helped create our national debt (becasue of course that too is unfashionable with his base who has gone to the mat for these entities)…He goes after Joe middleclass homeowner. How very classist cliche tea party of you Mr. Swickard. What else is new. Again Heath, why not send an invoice to the GOP or perhaps the Las Cruces Tea Party (shop local!) for this guys blatant right wing message machine that you afford him…That would be a heck of a lot more transparent and honest than the propaganda he writes.

  5. Michael L Hays says:

    If repetition makes something true, Swickard’s point is unquestionably true.

    According to Swickard, the problem arose in 1961, when Eisenhower left office.

    Democrats Kennedy and Johnson: 1961-1969 (8 years)

    Republicans Nixon and Ford: 1969-1977 (8 years)

    Democrat Carter: 1977-1981 (4 years)

    Republicans Reagan and Bush 41: 1981-1993 (12 years)

    Democrat Clinton: 1993-2001 (8 years)

    Republican Bush 43: 2001-2009 (8 years)

    Democrat Obama: 2009 and counting (2 years)

    DEMOCRATS: 22 years

    REPUBLICANS: 28 years

    More years and bigger run-ups under Republicans than Democrats. Reagan and Bush 43 tax cuts dramatically increased debt, far more than previous administrations. Clinton passed along a surplus to Bush which, if continued, would have reduced the national deficit. Bush Republicans supported and handed off to Obama the TARP bailout, and Republicans forced Obama to extend Bush tax cuts.

    Bottom line: Swickard does not say so, but he really attacks Republicans as budget busters and debt defiers.

    BTW, with the yield on T-notes low, buyers obviously trust to repayment, which continues to occur when the notes comes due and the Treasurey repays them.

    Michael, what the heck are you talking about? Are you overdue on your weekly reality check-up?

  6. artiofab says:

    Um. Fiscal year 1999 called. You might have heard of it, it was a federal budget that actually had a surplus?

    But, um, yeah, other than that, totally nobody in the past 50 years has tried to balance the budget. Good observations.