this post was submitted on 16 Nov 2025
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America needs a hero. (lemmy.world)
submitted 1 day ago by Substance_P@lemmy.world to c/politicalmemes@lemmy.world
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[–] kibiz0r@midwest.social 16 points 1 day ago (1 children)

The federal government has achieved fiscal balance (even surpluses) in just seven periods since 1776, bringing in enough revenue to cover all of its spending during 1817-21, 1823-36, 1852-57, 1867-73, 1880-93, 1920-30 and 1998-2001. We have also experienced six depressions. They began in 1819, 1837, 1857, 1873, 1893 and 1929.

The one exception occurred in the late 1990s and early 2000s, when the dot-com and housing bubbles fueled a consumption binge that delayed the harmful effects of the Clinton surpluses until the Great Recession of 2007-09.

https://www.savannahnow.com/story/lifestyle/columns/2012/12/26/kelton-balanced-budget-huge-mistake/13649382007/

[–] finitebanjo@lemmy.world 9 points 1 day ago

And the Tax Increases under Clinton as a continuation of the 1993 tax increases.

If the economy booms and we cut taxes, like conservatives did before the 2008 financial crisis, then the deficit will still increase.