One From the Time Machine

Less than nine years ago:

President Clinton: The United States on Track to Pay Off the Debt by End of the Decade
Today, President Clinton will announce that The United States is on course to eliminate its public debt within the next decade. The Administration also announced that we are projected to pay down $237 billion in debt in 2001. Due in part to a strong economy and the President’s commitment to fiscal discipline, the federal fiscal condition has improved for an unprecedented nine consecutive years.

Clinton wasn’t talking about balancing the budget or even reducing the debt, he meant paying off the debt. The only time the government has been debt free was in 1835 and 1836.

Posted by on July 8th, 2009 at 1:17 pm


The information in this blog post represents my own opinions and does not contain a recommendation for any particular security or investment. I or my affiliates may hold positions or other interests in securities mentioned in the Blog, please see my Disclaimer page for my full disclaimer.