Why Clinton Got Deficit Religion

Francine Kiefer back in 2001 wrote in the Christian Science Monitor about how Greenspan convinced Clinton that the deficit had to be taken care of, in the Pulp Fiction sense.

He came to agree with a key interest-rate argument of Mr. Greenspan, whom he'd greeted at the governor's mansion in Little Rock, Ark., soon after his election. According to the Fed chief, lower deficits meant less government borrowing, which in turn meant more available capital for private borrowers, lower interest rates, lower mortgage payments, lower credit-card bills, more jobs - pretty much better everything.

Better everything? That sounds too good to be true! I'd like to have been a fly on the wall when Greenspan tried to talk some sense into President Bush.

AG: Dude, didn't you see what Clinton did?
GB: Yeah, but Rove said I couldn't do anything that Clinton did. I've got to distance myself from him.
AG: Well, the economy is in the crapper, the deficit is going back up, you ignored diplomacy in the middle east and Korea that will cost us billions, and you stance on the environment is freaking people out and will probably cost the economy untold billions -- perhaps even trillions in the long run. Yup, you've done a fine job of not doing what Clinton did. Cut the deficit, it's the least you could do.
GB: Sorry, no can do good buddy. Rove said tax cuts are my ticket to ride in 2004.
AG: Good luck, it's the economy stupid.
GB: Don't call me stupid.
AG: I'm outta here...I'm too old for this sh*t...

But just think about what $330 billion can really buy these days.