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Originally Posted by Fishpart
Spence, the shrinking budget deficit was a result of the capital gains taxes generated by the run up of the stock market, not by spending cuts. Another MASSIVE influx of tax money was the brilliant decision to allow people to rollover previously untaxed capital gains from the IRA into Roth IRA. A brilliant move to fix the problem then, but we will have a greatly reduced tax base in the future because capital gains on the Roth aren't taxed where with a traditional IRA they are.
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It was also largely due to
increased taxes on the upper income earners, nor did Clinton increase the Federal budget over his second term which allowed for the surplus.
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In addition the consumer electronics that helped fuel the economy for so many years during the 90's are a direct result of REGAN DEFENSE RESEARCH. Next time you make a call on your cell and find your way with GPS thank President Regan. Unfortunately the results of economic policies often take years to be felt, so the people who put them in place typically don't get the credit.
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I'm all for more Government sponsored innovation, especially in the acedemic realm.
-spence
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