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Considering Bill Clinton had the biggest economic boom in the history of mankind with the advent of the PC and e-commerce he SHOULD have had success with the budget. But spending didn't go down and taxes went up on top of that.
Our defecit had NEVER been zero. Our economic growth after the internet boom and .com era wealth and followed imediatly by the housing bubble had created 20 or so years of steady growth. It HAD to receed. And because of the extended growth we got saturated. It's estimated that there are 10 million more homes than there are people who can afford to buy them. NOT EVERYONE CAN OWN A HOME. And cars aren't much different now that the recced has started. We're saturated. It was kind of the perfect storm. Then add onto that the fact that our GDP has dropped faster than Romes EVER dropped. It's a bad situation and gonna get worse. I laughed my ass off when I heard the goofy candidates talk about lowering taxes. How the hell can you do that.
If your monthly bill are 1000.00 and you make 900.00 you have a budget deficit of 100.00 so how is lowering your income going to help you?
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