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Newt and the Balanced Budget -- Media Used to Give Gingrich Credit

Tum Wrote: Sep 20, 2012 8:22 AM
IMHO, neither Clinton or Gingrich balanced the budget. The budget was balanced thanks to the bubble in the nasdaq which was caused in part by a change to banking rules. In 1994, banks were suddenly allowed to keep essentially nothing in reserve as they swept money from account to account. That sudden influx of cash had to go somewhere. It went into hedge funds (eg LTCM) and daytrader accounts. It shouldn't be a surprise that the gov't's income (and spending) increased substantially during the bubble years and deflated (just the income) slowly as bagholders dutifully subtracted 3k from their income for years afterward. Clinton and Newt balanced the budget. Unfortunatey their new economy had all the permanence of a breath on a mirror.
When Bill Clinton spoke at the Democratic National Convention, he took credit for balancing the budget. That Clinton basked in his achievement, of course, surprises no one. Nor is it surprising the media failed to remind people of former House Speaker Newt Gingrich, R-Ga., and his role in pulling this off.

Still, at one time, the media, without reservation, gave credit to Gingrich for making a balanced budget a priority -- and for pushing Clinton toward the center to achieve it. Back then, even when writing negatively about Gingrich, the major media routinely credited Gingrich with pushing a recalcitrant President Clinton toward...