President Clinton's 1993 Economic Recovery package included an increase in the top tax rate, over $250,000, from 31% to 39.6%. It also called for an increase in the federal gas tax of less than a nickel. Next, he subjected the SSI benefits of earners (over a million dollars), to taxation.
Next he cut taxes deeply for the working poor, expanded the Earned Income Tax Credits and increased minimum wage from $4.25-$5.15. This was followed by a middle class tax cut in 1997, plus a $500 per child tax credit. He doubled Pell Grants, lowered interest on student loans and gave parents the Hope Tax Credit.
Next, Clinton reduced the federal work force by 270,000 positions.
Under Ronald Reagan, the deficit quadrupled the debt and left us with tens of billions of interest payments for years to come.
Clinton left Bush a budget with $281 billion surplus. This surplus was projected to give the US a $5.6 trillion surplus in ten years.
THEN CAME BUSH !!!!!!
It was gone after 8 years. Spent, wasted on war, given away on tax cuts and spent on unfunded programs.
I believe he did this on purpose to bring the US to the position we now find ourselves in!
Why, you ask? Read some of my past posts for the answer and educate yourself.
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