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Jobs and red ink: Which campaign promises to break...
RONALD REAGAN PLEDGED TO BALANCE THE BUDGET by 1984. Congress, in the first, 1985, version of the Gramm-Rudman Act, promised to wipe out the deficit by 1990. Bill Clinton in last year's campaign merely proposed to cut red ink in half in four years. But if his vow was more modest, it was not, apparently, any more realistic than -- well, George Bush's prediction three years ago of a balance by fiscal 1993. In fact, Bush's final budget reveals that during his Administration the deficit nearly doubled, rising to an expected $327.3 billion in fiscal...
...page paperback chock-full of numbers, all of which Clinton swore "added up." At its bottom line, the proposal promised to halve the nation's deficit by 1996, an assessment many considered sober and even courageous because it backed off Clinton's earlier intention to wipe out the red ink entirely by the end of his first term. But even this modified deficit- reduction promise owed little to Clinton's programs. Almost all of the decrease was due to what Clinton's economists call "natural effects," in this case growth assumptions generated by the Congressional Budget Office and estimates...
Under Ronald Reagan, a conservative who had earlier inveighed against federal red ink from any soapbox he could find, the U.S. went from being the world's largest creditor nation to being the world's largest debtor. When Reagan took office, the budget deficit was about $74 billion, and the national debt (i.e., the sum of all previous deficits) was nearly $1 trillion. In three years the deficit had soared to $200 billion; and when George Bush steps down, he will leave behind a projected fiscal 1993 deficit of about $340 billion. Today interest on the debt consumes...
...country's chief trading partner: the unemployment rate stands at 11.8%, vs. 7.2% south of the border. More than 400,000 manufacturing jobs -- 20% of the total -- have been lost in the past three years, many of them permanently. Federal and provincial governments are awash in red ink...