Again with the lying boolsheet!

It's bad enough that a right wing nutball writes a letter to the Amarillo Pravda News explaining (In a cutely rambling way. Awwww . . . he's trying SO HARD!) all about liberals. But . . . you don't get to make sh*t up Philip E. Hobson.

The whole incoherent hatefest deserves a thorough whipping, but let's look at this little gem:

"The so-called surplus is another lie. Simply look at the national debt each year of Slick's (The unstable right still cannot say 'President Clinton'!) tenure to see the debt increased all eight years."

Got that all you rubes out there? Shrub's deficits ain't so bad after all!

Calpundit blasts this tired, old boolsheet pretty well. CLICK HERE

But, the numbers never lie. Look at this chart (Does not even include Shrub's 2004 record-breaking deficits!)



CLICK ON THE CHART TO SEE BIGGER VERSION

The truth is that the Clinton deficit-reduction program took five years to phase in. (Over strenuous Republican whining) The reduced deficits meant that the Federal Reserve kept interest rates lower longer. Bond prices rose, and long-term interest rates fell.

With bond prices higher, banks that owned bonds were in better financial condition and proved willing to lend more, while companies seeing low interest rates proved willing to borrow more to finance investment.

The result?

The deficit-reduction program played a large role in the investment boom and the high-investment, high-employment, high-productivity growth recovery in the 1990s from the Bush I recession.

BTW, did you ever hear Clinton say he "Inherited a recession" like Shrub does? Nope. Clinton just went to work.

-Prodigal Son

EDIT: More good info HERE