Did Bill Clinton run a surplus? Plus: Our Titanic Moment Posted By Roger Kimball
URL to article: http://pjmedia.com/rogerkimball/2012/01/09/did-bill-clinton-run-a-surplus-plus-our-titanic-moment/
The stars must be aligned to foist the constellation anaticula into the Zeitgeist: for the Duck, otherwise known as “the canard” casts its ghoulish light over our sublunary world. Four times in the past week someone has written to inform me that (I pick one formulation of the falsum anaticula) “when Bill Clinton left office there was a government surplus, it was the Bush administration that turned that into a deficit . . .”
This is a canard one hears almost as frequently as this election- year staple: that Newt Gingrich, heinous fellow, asked a former wife for a divorce while she languished in hospital, dying of cancer. What a terrible man, eh? Except that the story isn’t true, as even the most cursory research (e.g., The Gingrich Divorce Myth [1]) would show.
But research, even the cursory sort, isn’t as much fun as simple repetition, especially when there’s a reputation to ruin, smugness to be enjoyed, or a political point to score.
So it is with “Clinton delivered a surplus to George Bush in 2000” canard. You can discover this by going to the monthly statements [2] published by the U.S. Treasury. “But wait,” you say, “that chart linked shows a surplus of more than $200 billion! It’s right there in black-and-white: $236 billion and the word ‘surplus.’ So there.”
Not quite “there,” actually. That $236 billion is only one part of a larger puzzle, the bottom line of which is the total national debt, which grew every year under Clinton. Talk of a “surplus” is possible only because of accounting legerdemain. The economist Craig Steiner has put the case more clearly than anyone I know in a series of articles: “The Myth of the Clinton Surplus [3],” “The Myth of the Clinton Surplus, Part II [4],” and “The True Federal Deficit [5].” In the second article, Mr. Steiner casts his beady eye upon that $236 billion and explains how the national debt is calculated: