Clinton’s Spending Cuts—Not His Tax Hikes—Worked

EDWARD MORRISSEY writes about Clinton-era nostalgia:

In his eight years as President, Clinton reduced federal spending to 18.2 percent of GDP from 22.1 percent, thanks in large part to a Republican-controlled Congress that forced the issue……. Barack Obama managed to hike it 3.5 points in just one term, with 3.2 points going to non-defense spending. Under Obama, federal spending now exceeds 25 percent of GDP, and his has been the biggest increase of any of his predecessors over the last 60 years – even for two-term Presidents.The real debate over deficits isn’t over whether to go back to Clinton-era tax rates. It’s how to get back to Clinton-era spending levels, and then create a tax system that will adequately fund it. The 18.2 percent level of federal spending is one piece of Clinton-era nostalgia worth recalling – as well as the bipartisanship that eventually produced it.

Nostalgists should also remember that the housing bubble started in this era — as did the internet boom — followed by the dot-com bust just as Clinton left office. This article is definitely worth reading.

via Clinton’s Spending Cuts—Not His Tax Hikes—Worked.