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" Interest rates will be lower ", says the President, the day before the Fed is expected to raise interest rates by at least a quarter of a percentage point?
Anyhow, Clinton made a big deal, bringing out a chart for a visual aid, that there was going to be a trillion dollar larger surplus over the next fifteen years, than previously estimated. Well, don't get too excited about this so-called extra budget surplus, if the Fed does raise interest rates as expected. It is like this; multiply the seven trillion dollar national debt by a quarter of a percentage point, that is how much more the debt will be next year, baby. The other thing is, this mystery money is mostly from the Social Security Trust Fund; all except four billion dollars per year, give or take a few million bucks. Clinton uses the bait and switch routine, lying that he wants to save about five hundred billion dollars for Social Security, instead of telling the truth; that he is raping Social Security and will take everything, only to throw that much more money back, as a bone!
Does anyone else see a problem with Bill Clinton making this crazy announcement about a much bigger budget surplus than previously estimated, the day before Allen Greenspan is to announce an interest rate hike to curtail possible inflation?
Sorry to have to bring you back to reality from Fantasyland, but...
Senator Phil Gramm ( R ), says that " any estimate going out past five years is pure speculation ".
Representitive Bill Archer ( R ), Chairman of the House Ways and Means Committee, says, " Americans are paying higher taxes today than at any time since World War II, and they have the right to pay less ".
If the Federal Reserve doesn't raise interest rates by Wednesday, and they don't raise or lower interest rates for the next fifteen years, we may actually see the National Debt beginning to be paid down ( unless the tax and spend Democrats gain control over the Congress and the White House in 2000, then all bets are off ).
- Bongo ( Stick 'em up? )
