When President Clinton left office, not only did we have a surplus in the treasury but economists were worried that we’d end up paying down the national debt so fast that after the 12 years or so it would take at the half a trillion dollars a year we had to pay off loans we’d start hurting the economy by having too much cash in the system and loans and investments would be too readily available.
Estimate of surplus at the end of 2008 if the Clinton budget had been kept in place
That’s a 4 Trillion dollar SURPLUS. It would have meant that right now our national debt would be down to 2 Trillion dollars.
So, what did we actually get after 8 years of the “fiscally responsible” party of “small government” that was “run by grownups”? We ended up not 4 Trillion dollars in the black, we ended up with the following extra debt:
That’s right. Not only did the GOP spend the 4 Trillion dollar projected surplus, they borrowed an extra 4 Trillion dollars that they didn’t have leaving us to find a way to pay off over Ten Trillion Dollars – much from foreign governments who now get to tell us what to do if we don’t want them calling in their markers.
For those whose basic arithmetic skills are a little weak (say, anyone who believed in the “trickle down” or “debts don’t matter” economics that the GOP has been shoveling for the last 28 years), that amounts to $ 8,830,546,687,026 over the last 8 years or $29,435 for every man, woman, child and infant in the country.