On Sunday, Hillary Clinton told a crowd of supporters in Kentucky she will put her husband in charge of the economy.
“My husband, who I’m going to put in charge of revitalizing the economy, cause you know he knows how to do it,” Clinton said.
According to the establishment and its pundits, the presidency of Bill Clinton was good for the economy. His tax cuts and budget restraint, it is said, were responsible for the booming economy of the 1990s.
In fact, the budget surplus at the time was the result of a stock bubble inflated by the Alan Greenspan and the Federal Reserve.
Real economic growth at the time was created by the private sector, not government policy. Much of that growth was created in the technology sector of the economy. Clinton had nothing to do with that growth and, in fact, attempted to thwart it with an anti-trust case against Microsoft.
By the time Clinton left office in 2000, the so-called dot com bubble was beginning to burst and stocks fell to around half their peak value, destroying $10 trillion in wealth. This produced a brief recession at the start of the Bush administration which set the stage for the current “Great Recession,” more accurately described as a depression.
Additionally, the Clinton administration inflated the housing bubble that planted the seeds of the 2008 subprime mortgage blowout.
Charlie Gasparino, writing for the NewYork Post, explains:
How did they do this? Through rigorous enforcement of housing mandates such as the Community Reinvestment Act, and by prodding mortgage giants Fannie Mae and Freddie Mac to make loans to people with lower credit scores (and to buy loans that had been made by banks and, later, “innovators” like Countrywide).
The Housing Department was Fannie and Freddie’s top regulator—and under Cuomo the mortgage giants were forced to start ramping up programs to issue more subprime loans to the riskiest of borrowers.
Here’s Cuomo talking about discrimination in housing. Note the role then community organizer Barack Obama, working closely with ACORN, played in the fiasco that led directly to the ultimate destruction of the economy:
Clinton’s surplus was the result of increased tax revenues amassed during and era of growth created by risk-taking entrepreneurs and the business sector. Clinton also borrowed from Social Security, increasing intergovernmental debt which, in turn, added to the national debt.
“Since Social Security had more money coming in than it had to pay in benefits to retired persons, all that extra money was immediately used to buy U.S. Government securities,” explains Craig Steiner. “The government was still running deficits, but since there was so much money coming from excess Social Security contributions there was no need to borrow more money directly from the public. As such, the public debt went down while intragovernmental holdings continued to skyrocket.”
If Hillary Clinton is elected and Bill becomes her economic wizard, we can expect a rapid acceleration in the decline of the United States.
Former Speaker of the House, Newt Gingrich, took exception to Hillary’s remarks on Monday.
“The president of the United States has an actual job to create jobs, create wealth, create take-home pay,” he told Fox News. “That’s Hillary’s job if she wants to be president. That’s not the first spouse’s job.”
Newt, it would seem, is nearly as confused as Hillary.
It’s the president’s job to get out of the way and let business create wealth and jobs.