William Jefferson Clinton Memorial Library
We'd like to welcome you to the
Clinton Library -- dedicated to preserving the true
legacy of the 42nd President of the United States.
promised as President that his would be the "most ethical administration in the
history of the country. As you explore the pages of this website, you can
decide for yourself whether he lived up to that promise
Bill Clinton's View of the
Apparently the American people agreed with Bill Clinton's
socialist views on the economy and voted to
re-elect him because they believed he would continue to
reduce the deficit and bring our
economy back into line.
A favorite question Clinton asked during his re-election
campaign was, "Are you better off now than you were four
years ago?" The better question that should have been asked is,
"Is America better off now
than it was four years ago?"
The first question is answered generally from a selfish point of
view, "what's in it for ME?" Unfortunately much of our hedonistic society
prefers this short sighted approach. If you're the recipient of one of
Clinton's liberal government handouts, the answer is probably 'yes.' If you're
more self-reliant trying to honestly work toward a better future, the answer is
Was America better off than it was four years previous?
- Government became larger and Americans
payed more to the
government than ever before in history. We had the largest budget and
greatest tax burden in the history of our Republic.
- Bureaucrats and special interests controled more of our lives
than ever before.
- Social Security, Medicare and Medicaid was
robbed to make the
deficit appear lower and to pay for programs
they were never intended to fund.
- The Federal
Debt continued to rise at an alarming rate and is costing more to
service the interest on the debt.
- Family incomes stagnated and
real wages fell.
- More people are working because more households have to
increasingly rely on both the husband and wife
working in order to make ends meet.
- Personal debt, bankruptcies and
deliquencies increased. A record number of Americans filed bankruptcy
before the government shut off that debt escape.
- The National Federation of Independent Business described
Clinton's 1993 tax increase as, "About as anti-small
business as you could ever see."
- America's merchandise trade deficit for
goods and services increased 176 percent between 1992 and 1995.
(source: Council of Economic Advisers, Economic
Indicators, 6/96). In 1999, the trade deficit hit a historic high of
$168,500,000.00. That's 168 1/2 BILLION dollars!
- Attempts were made by the Clinton Whitehouse to 'nationalize'
or take over 1/7th. of our economy in a failed National
Health Insurance coup.
- In league with a select group of attorneys, health care
providers, and the Federal government, the state's Attorneys General's
raised taxes on the lower and middle classes.
The great flaw in the American economic system for the past four
decades has been an unrealistic faith in the
power of prosperity rather than in the ultimate power and
benevolence of God. The American Dream became America's god, and wealth and
abundance became the symbols of America's devotion. Writing in the March 2,
1992, issue of Newsweek magazine, Robert J. Samuelson addressed the practical
expression of this faulty thinking. He said:
Every age has its illusions. Ours has been this fervent
belief in the power of prosperity. Our pillars of faith are now crashing about
us. We are discovering that we cannot, as we had once supposed, create
prosperity at will ... Worse, we are learning that even great amounts of
prosperity won't solve all our social problems. Our Good Society is disfigured
by huge blemishes: entrenched poverty, persistent racial tension, the breakdown
of the family, and staggering budget deficits. We are being rudely disabused of
our vision of the future. The result is a deep crisis of spirit that fuels
Americans' growing self-doubts, cynicism with politics, and confusion about our
was not better off ... it was much worse off.
We can do
Regulations | Balanced Budget |
Deficit Spending | Taxes
| Welfare | Employment
President Clinton and Vice
President Gore spoke about the need to "reinvent" the federal government and
rein in the budget deficit. The Democrat platform said, "We have worked hard
over the last four years to rein in big government, slash burdensome
regulations, eliminate wasteful programs, and shift problem- solving out of
Washington and back to people and communities who understand them."
- Clinton's economic plan passed by the smallest of margins
and many were concerned because there were not enough spending cuts. Part of
the promised cuts came in the form of reducing the federal work force, yet
during his first year, the Democratic controlled Senate voted to increase
spending on a crime bill from $10 billion to $22.3 billion over five years and
paying for part of the cost from the savings in reduced federal work force.
What happened to using the money to reduce the deficit?
- Clinton's idea of reinventing the federal government led him
to add the most regulations to the Federal Register since Jimmy Carter.
Clinton's regulations added 231,094 pages to the Federal Register.
- Clinton's government-run health care scheme would have
required 818 new federal mandates and at least 59 new government offices and
200 regional alliances, adding $70 billion to the federal budget deficit.
- Bill Clinton and his Democratic cronies were instrumental in
financial "crisis" pressuring American taxpayers to shovel
over trillions of dollars to international bankers.
- It was Clinton White House budget director Franklin
Raines who ran Fannie Mae leading up to the 2006 subprime mortgage crisis.
Community Reinvestment Act signed into law
by President Jimmy Carter in 1977 encouraged lending to uncreditworthy
consumers. Later amendments to the CRA during Clinton's years raised the amount
of home loans to otherwise unqualified low-income borrowers.
- President Clinton signed into law the
Gramm-Leach-Bliley Act, also known as the "Financial
Services Modernization Act" that repealed the part of the Glass-Steagall Act
that had prohibited a bank from offering a full range of investment, commercial
banking, and insurance services since its enactment in 1933. On signing the
"Gramm-Leach-Bliley Act", President Clinton said that it, "establishes the
principles that, as we expand the powers of banks, we will expand the reach of
the Community Reinvestment Act".
Commodity Futures Modernization Act of 2000
signed into law by President Bill Clinton on Dec. 21, 2000 provided certainty
that derivative products offered by banking institutions would not be regulated
as futures contracts, thus setting the stage for a massive concentration of
financial power and setting up the investment dominos ready to tumble. One
provision of the bill was referred to as the "Enron loophole" and is blamed for
permitting the Enron scandal to occur. A "global financial supermarket" had
been created and was a foundational cause of the 2008 financial meltdown.
The vice president, to his credit, has issued more than two
dozen reports through the National Performance Review, outlining many
inefficiencies and excesses of big government. Yet, when Congress delivered the
very "change" Clinton and Gore promised as candidates in 1992, the
administration balked with the veto pen calling the
appropriations bills too extreme.
- For example, President Clinton threatened to veto the
Commerce, Justice, and State appropriations bill, largely because it would
eliminate the Advanced Technology Program (ATP). In his own budget, the
president proposed increasing funding for this program by 622 percent! Yet,
judging by downsizing and streamlining standards spelled out by administration
officials, ATP is exactly the type of program the president should be against.
Administered by the National Institute of Standards and Technology within the
Department of Commerce, ATP is the most egregious example of what Secretary of
Labor Robert Reich has termed "corporate welfare."
The program directly subsidizes businesses involved in high technology research
and development; thus placing the burden of these risky ventures on the
shoulders of taxpayers, rather than on the private companies that stand to
benefit from successful efforts. The program should be killed, not
- President Clinton threatened to veto the appropriations bill
for the Departments of Labor, Health and Human Services, and Education because
it would eliminate the AmeriCorps program. This program is one of the
president's favorites -- created in 1993 as a model program that would help
"volunteer" students serve local U.S. communities. Unfortunately, these
volunteers are anything but free help. A recent General Accounting Office study
found the program costs more than $26,700 per "volunteer" per year. Ironically,
while the president speaks publicly of making government work better at lower
cost, he is adamant about protecting AmeriCorps -- even though 18 students
could be supported through the Pell Grant program for the same cost as one
- President Clinton threatened to veto the Transportation
appropriation bill because it would limit urban mass transit grants. Yet, the
mass transit program is one of the most ineffective in all of government. Over
the past 25 years, more than $90 billion, in inflation-adjusted dollars, has
been spent subsidizing local mass transit projects in an effort to promote
public transportation. At the same time, mass transit's share of commuter
travel has declined in nearly every city since the federal subsidies were
initiated, down from 9 percent nationwide in 1970 to 5 percent in 1990. Do the
math, Mr. President: Why are we building these systems if Americans don't use
them? Federal subsidies, moreover, have encouraged many cities to build systems
they cannot afford, leaving them heavily in debt. Yet, instead of supporting
Congress's efforts to return money and authority to localities, the president
would increase funding for mass transit grants.
Middle Class Tax Cut
In his campaign for his first term, Clinton promised
a middle class tax cut.
"I believe you
deserve more than 30-second ads or vague promises. That's why I've offered a
comprehensive plan to get our economy moving again. It starts with a tax cut
for the middle class and asks the rich to pay their fair share again."
[Clinton's first campaign ad, January 1992.]
"We will lower the tax burden
on middle class Americans by asking the very wealthy to pay their fair share.
Middle class taxpayers will have a choice between a children's tax credit or a
significant reduction in their income tax rate." [Putting People First,
On October 19, 1992 he said, "I will not raise taxes
on the middle class to pay for these programs. If the money does not come in
there to pay for these programs, we will cut other government spending or we
will slow down the phase-in of these programs. I am not gonna raise taxes on
the middle class to pay for these programs." But on Aug. 10, 1993, he signed
the largest tax increase in history, raising taxes
by almost $280 billion over five years.
actually claimed to have cut taxes for 15 million working families and 90% of
small businesses are eligible for tax cuts, while raising taxes on just 1.2
percent of the wealthiest taxpayers.
"Instead of middle-class tax relief, President Clinton chose
to include in his $241 billion tax plan higher federal
gasoline taxes, tax hikes on Social Security recipients, and steep income tax
hikes on small business owners. The President even tried
unsuccessfully to institute a brand new $71 billion BTU energy tax that would
have cost the typical family nearly $500 per year." ("The
President's Forgotten Middle Class," Joint Economic Committee, Majority Staff,
On Oct. 17, 1996, Clinton admits: "It might surprise you to
know that I think I raised them [taxes] too much,
too." He blames the Republicanseven though not one Republican voted
for his budget. Two days later, under attack from his liberal base, Clinton
reverses himself, claiming responsibility and pride for his tax
increases: "I take full responsibility, proudly,
for what we did. It [raising taxes] was the right thing to do."
Americans today are paying more to the
government than ever before. Total taxes relative to the economy are at
their highest point in history. The typical American family now pays 38.2
percent of its income to the government.
- The average per-capita federal tax burden in 1992 was $4,153.
In 1996 it was $5,225 - a 25.8 percent increase.
- Clinton hiked the tax on gasoline to its highest rate
- The Clinton tax increase on Social Security recipients hit
5.5 million retirees.
More Deceptive Practices to take more of your money.
- Clinton actually redefines real family
income. Proposals include mandatory additions to a family's reportable
income, including accumulated cash value of life insurance policies, unrealized
capital gains (such as the appreciated value of a taxpayer's home), the imputed
monthly rental value of a taxpayer's home, and employer contributions to a
wage-earner's health and pension plans. Under the Clinton plan, a middle class
family that has a combined earning of $70,500 would fall into the $100,000 tax
bracket after the adjustments have been added to their income, thus becoming
"rich" by Clinton standards.
- Clinton and the Democrats call a captial gains tax reduction
a "tax cut for the rich." However, I.R.S. data show that 56% of all tax
returns containing capital gains were from household with taxable income less
than $50,000. In a recent study, it was revealed that 30 percent of the
nation's top 1,000 companies allow their 8 million employees to participate in
company stock purchase and stock option plans. These 8 million
middle-class employees would be directly affected by a change in the
capital gains tax rate. Clearly, both the wealthy and the middle class
would benefit from a capital gains tax cut.
- Clinton also redefines taxes by hiding them in fees you pay
for services. One example of this was the Federal Telecommunications Act of
1996 that raised taxes (fees) on your telephone service - called the
Universal Service Fund Number Portability.
After heated battles in Congress, several attempts to pass a
Balanced Budget Act, and President Clinton closing the government, Democrats
and Republicans together celebrated the "historic" balanced-budget deal
hammered out by the Clinton administration and congressional Republicans. The
balanced budget deal included provisions that would affect nearly every
The budget gave Clinton all he sought and more
for educational tax credits, the full $24 billion he requested for children's
health care and a $500-per-child tax credit that could be claimed by parents in
low-wage jobs who pay little or no income tax.
Republicans gained huge
cuts in the capital gains and estate taxes as well as other generous business
tax concessions. Republicans also persuaded the White House to extend the child
tax credit to families making as much as $110,000 a year and to accept new
Individual Retirement Accounts from which withdrawals would not be taxed.
Clinton called balancing the budget "the best investment we can
make in America's future," and said the plan does so in a way that "honors our
values, invests in our people and cuts taxes for middle-class families." The
president emphasized the education provisions as the plan's heart. "I am
particularly pleased that the first balanced budget in a generation is also the
best education budget in a generation, and the best for future generations," he
House Minority Leader Richard Gephardt called the deal in a
written statement "short-sighted because it does not address our nation's needs
in the long term," and declaring that the agreement "sacrifices tomorrow's
hopes for today's headlines."
It's been said, "The devils in the
details," and I'd have to agree with Mr. Gephardt on this one, I'm
afraid this deal "sacrifices tomorrow's hopes for today's headlines."
the highly publicized budget packages of spending cuts are really increases,
and the accompanying taxes are increases. The rhetoric to explain what they are
doing is outright lying. The government
continues by "cutting" to take more of your money to pay for ever-increasing
The Clinton Administration used deceptive
terms to gain favor with the American people. He called taxes
contributions; federal spending investment; and
lower disposable family income sacrifice. Clinton claimed to
propose lower spending, but what he really meant was that he would not spend
the money Congress would spend if all existing programs were on auto-pilot.
Talk of budget cuts by Clinton are nothing but shamefully deceptive falsehoods.
Here is how the game works. Assume that an agency is spending $1
million this year. Government economists forecast that its service demands will
increase by 10 percent next year for a total of $1.1 million. The budget boys
of the administration decide that they will slow the rate of growth to 7
percent instead of 10. Then they announce that they have "cut" the budget by
$30,000. There is no cut at all. There is an increase of
Clinton simply tricked Americans into believing some tax
increases are really spending cuts. The Clinton budget deliberately attempted
to understate the size of the proposed tax increase by falsely classifying at least 27 tax increases as spending
cuts. A prime example of this deceitful budgeting is the
increase in the amount of Social Security benefits subject to taxation from 50
percent to 85 percent for couples earning more than $32,000 and individuals
earning $25,000. Clinton classified this increase in taxes as a spending cut.
At the Democratic National Convention in Chicago, Vice President
Al Gore said, "Look at what all of us have created together these last four
years... "Unemployment and
inflation both down. Record exports, wages on the rise. An economy moving
- Al Gore said in the 1992 debate "there are 10 million
unemployed in America". Then later he said that they've created 10 1/2 million
jobs. If so, where did he get the other 1/2 million people to work, and why
wasn't there 100% employment?
- For many families incomes
stagnated under Clinton after increasing more than $4,500 during the
Reagan expansion. And, real wages of the median worker fell 2.5 percent since
Clinton took office, despite Democratic claims that real hourly wages of
working Americans are rising for the first time in a decade.
- The middle class is not gaining ground, it's losing ground.
Salaries are staying the same or slipping.
- Clinton claimed to reduce unemployment, yet between January
1993 and December 1995, 8.4 million workers were displaced from their jobs. As
of February 1996, nearly 30% were still unemployed
or had left the labor force. More than half of workers took new
jobs that paid them less, including nearly a third
who accepted a job that paid them 80% or less of what they previously had been
earning." (The Wall Street Journal, 8/23/96).
And, 19% of all workers were part-timers in 1995.
That's up from 17% in 1990 and the highest share on record." (editorial, Investor's Business Daily, 4/1/96)
- Despite being in the sixth year of economic expansion,
personal bankruptcies have reached an all time
high, and corporate layoffs are occurring
at the fastest rate of the decade.
- Credit card delinquencies are at a
15-year high, and mortgage delinquencies are on the rise.
- Aggressive marketing by the credit card and banking industry
has left millions of Americans saddled with excessive debt. Research shows the
average American adult receives 32 credit card offers a year, regardless of
credit history. And the average family with credit card debt carries a balance
of $4,000 on several cards from month to month.
- The Consumer Federation of America estimates that 55 million
to 60 million American households with revolving credit card balances had an
average of more than $7,000 of credit card debt. Not paying off that debt, it
says, costs an average of $1,000 a year in interest and fees.
- For the first time ever in 1996, more
than a million Americans filed personal bankruptcy. Filings are
predicted to climb to 1.4 million nationwide this year. The reasons for the
surge in bankruptcies include: legalized gambling, excessive consumer debt, the
disappearence of the social stigma formerly associated with bankruptcy, and
laws that make bankruptcy more attractive than it should be.
The Progressive Agenda to bankrupt America
The disastrous trends toward multiculturalism, anti-Americanism,
anti-capitalism, and historical revisionism being pushed by liberals and other
leftists only serve to further degrade America's image at home and abroad.
Economist Milton Friedman, winner of the 1976 Nobel Prize for economics, calls
a spade a spade. In his response to a Wall Street Journal poll of the nation's
top economists, Friedman leveled stern criticism at the Clinton agenda,
President Clinton calls for widespread sacrifice by the many
through higher taxes, and concentrated benefits to the few through additional
government spending - "contributions" and "investment," in Clinton doublespeak.
The country needs precisely the reverse: widespread benefits to the many
through lower taxes and lower spending, and concentrated sacrifice by the few
through abolishing numerous government programs that, if they were ever
justified, no longer are: agricultural subsidies and price supports, Rural
Electrification Administration, Amtrak, subsidies to the humanities, arts,
broadcasting, to mention only a few. (Special report,
"Nobelists Rate Clintonomics," Wall Street Journal, March 23,
Why are they intent on raising our taxes? It is because
Clinton's political party wants to drive a wedge between the middle and
upper classes in this country, pitting the lower classes against the upper
classes. As the spending mounts, so does the dependency of those receiving it,
which the Democrats hope will translate into more and more appreciation of them
by more and more voters. Simply put, what is going on here is an attempt by
the Democratic Party to transfer to the left as much as it can of the wealth,
power, and culture of America.
Are we really prosperous or is it an
Who is stealing your purchasing power?