Monetary Loss Quotes
Herbert Hoover had made a name for himself by his splendid administration of World War I famine relief, but he was also :
Honore Gabriel Victor Requiti. France was in desperate financial condition and the "radical" notion of an income tax was proposed and debated but the rich nobles violently objected. The tax was not enacted. The French Revolution followed. The nobles lost more than part of their income.
The Clinton budget was a very unusual one. He and Treasury Sectary Robert Rubin determined that the large deficit built up in the previous administrations and the high interest rate were competing with the private sector for investment capital. Therefore the budget raised taxes and took other steps to reduce the largest deficit then in American History. Virtually all of the Republicans saw disaster for the economy with this budget and even some of the fiscal conservatives from Clinton’s own party were opposed. Boren, normally a wise and sound Senator, had bought into the Republican ideology and mantra that raising taxes will slow the economy. The budget passed by a single vote in the House, and that started the largest economic growth period in American History. The economy became so strong that Clinton was able to produce a balanced budget, eliminate the Reagan deficit, and produce more new jobs than any administration in American history. The prediction that the budget would cause the country to fail was, not only wrong, but the budget caused the nation to succeed, beyond what any thought possible. See {626774} for Clinton’s argument for the budget.
