Bill Clinton, the man who helped bring us the Great Recession, gives advice on the tax cut proposal

by Ben Hoffman

Barack Obama had to go to a party this afternoon, so he turned over the podium to Bill Clinton. Bill Clinton told the press that Congress should accept the proposed tax cut bill, which will cost the United States more than the Stimulus Bill. The Stimulus spending did create a lot of jobs. That’s verifiable, although right-wingers will nitpick it and cite some unusual programs that were financed by the spending.

About one third of the Stimulus was tax cuts, which did little to stimulate the economy. Those tax cuts were an effort to try to get a few Republicans on board. Now Obama is claiming that the Republicans gave Democrats those tax cuts as part of the compromise in the new tax proposal. Obama is turning into a pathological liar.

But back to Bill Clinton… Bill Clinton was promoting the tax proposal today as if he were some kind of expert in economic policy. While we did have budget surpluses during the Clinton years, those were due mainly to the internet boom and all the jobs created as a result. We had many people getting wealthier and thus, paying more in taxes. THAT was the main reason for the surpluses. Bill Clinton also raised taxes on the wealthy, which was also a factor.

But let’s look at some of Clinton’s legislation…
Bill Clinton signed NAFTA, which helped send many of our good paying jobs overseas.
Bill Clinton signed the Commodity Futures Modernization Act of 2000, which resulted in the speculation of commodities and the resultant run up of the price of oil.
Bill Clinton signed the Gramm–Leach–Bliley Act, which allowed banks to become high-stakes gamblers, and was one of the primary cause of the banking sector failure and the near collapse of our economy.
Bill Clinton signed media ownership deregulation, which resulted in the ownership of nearly all the media outlets by only a few giant conglomerates.

To be fair, Clinton did sign into law some good bills that helped a lot of people move out of poverty and into the middle class. But Bill Clinton should not be advising Congress.


3 Responses to “Bill Clinton, the man who helped bring us the Great Recession, gives advice on the tax cut proposal”

  1. No fawning over Clinton and his fake “budget surplus”, eh?
    Community Reinvestment act anyone?
    Maybe those Bush Derangement Cures are working finally…


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