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View Diary: Reminder: balancing the budget doesn't help the economy (20 comments)

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  •  Disagree again (0+ / 0-)

    Clinton was a major proponent of globalization which absolutely helped create the economic boom.  A Republican isolationist president may have gone in another direction.

    Further, a Republican president would have cut taxes, gutting the government.  That would have hurt the economy too.  Clinton did the opposite.

    Really can't believe the complete dismissal of Clinton's role in boosting the economy.  A Republic would have been just as good on the economy? Unreal.

    •  pretty much, yeah (7+ / 0-)

      unless they actively harmed the economy as you say, then probably yes. But Republicans haven't been economic isolationists since Warren Harding. Republicans are super globalizers.

      But keep in mind that Gingrich Repubs also claim credit for the balanced budget because he forced Clinton to cut govt. That much is actually true, for what it's worth--which isn't much.

      Also important to note that the "good" Clinton economy was largely the product of radically unsustainable asset value increases in stocks and housing. Wages were stagnant under Clinton and income inequality rose under Clinton. It's just that asset values were rising so fast no one noticed.

      In many ways the 90s boom created the conditions for the 00s crash, and the presidents involved had little to do with either.

      People tend to give presidents way too much credit and blame for economic conditions. What matters, again, is consumer demand and asset values. Wages, financialization and income inequality are the biggest factors there.

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