BoatBanter.com - View Single Post - U.S. Added 146,000 Jobs; Jobless Rate Fell to 7.7%

Eisboch[_8_]

"BAR" wrote in message
...

In article ,
says...

wrote in message ...

On Fri, 07 Dec 2012 21:46:11 -0600, Califbill
wrote:

Then SS is just another revenue enhancer for the Federal
Government.
Maybe
go back somewhat to the original SS program. The Widows and
Children's
Act.. Not the national retirement plan.

SS will never be back in the black in our lifetimes

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I was just reading about Social Security during the Clinton era
after
watching and listening to Al Sharpton gloat about the "300 billion
dollar surplus" that Clinton left the treasury with when he left
office. Talk about voodoo economics.

The SS fund ran up a $236B surplus during his presidency due to a
booming dot com industry, low unemployment and relatively high
wages.
By law, the surplus has to be put into US securities for future SS
claims. It's money still "owed" by the government, not really a
surplus.

They simply used the SS balance to offset some of the increases in
the national debt ... on paper only. The debt still rose by 18
billion, but didn't look as bad if they didn't erroneously include
the
SS balance. It's nothing but smoke and mirrors and creative
accounting, but leaves Clinton with a shining legacy and something
for
Big Al, Rachel and Lawrence to brag about.

I get a kick out of people pushing the idea that Clinton era tax rates
are the solution to our economic problems. What they all fail to
realize
is that there is no new technology driving economic activity now but,
there was during Clinton's term.

If Clinton didn't have the dot com boom he would have been just
another
Jimmy Carter. Clinton was smart enough to ride the rising tide and
take
the accolades for something that he did not induce and did not
control.

---------------------------------------------

You are 100 percent correct. Bill Clinton is a consummate
politician. I actually like him and even voted for him once.
But the stories about his "surplus" is pure BS.