It seems that under the recent President Bush administration that we went into a great deal of debt. And we've continued to do so under President Obama's first two years and will probably continue to do so, while the Clinton administration, as I've come to understand it, left us with a revenue surplus.
Both of these later administrations have reduced taxes for the wealthy while Clinton did the opposite. If we are serious about paying off, or at least reducing our debt and I think we should be, we should take a closer look at what President Clinton did to come up with a surplus.
I would think that reduction in spending would diminish the rate at which we increase the debt. But the debt remains even if we are reducing its growth. Obviously, and perhaps it's not so obvious that we need to both increase revenue and to direct that increase toward reducing the debt.
Most nations, with the exception of Norway perhaps, among the European countries and some of the North African countries, come by their revenue through taxation. Our government doesn't own too many oil wells.
It seems that the lower classes can least afford to pay a lot of tax, even here in the United States, although they do in many ways. The middle class does it's share. Therefore we usually expect the wealthy to pay more taxes and they were doing that under the Clinton administration, yet the economy wasn't doing too badly while we were developing a surplus.
It seems that if we are really to begin to pay off the debt rather than merely reduce its growth that we should concentrate on revenue. How do we increase revenue growth? Perhaps we should start by taking another look at what Clinton did. Or are there other ways to increase revenue?
What do ya think?