Bushes steep and irresponsible tax cuts without counterbalancing budget cuts is what initially fueled that runaway deficit. Add to it an expensive unnecessary Iraq war and the result was runaway deficits.<quoted text>
Not looking to pick a fight as I like Clinton, but the main reason there was anything resembling a balanced budget was the fraudulent economy created by the tech bubble.
Had Bush simply carried on with Clinton's policies, there would have been massive deficits as all the 'fake' jobs and the associated taxes vanished.
Clinton & his congress did a good job in general. But it was over in 2000 even if the rules were changed to allow Bubba a 3rd term. The economy his balanced budget was based on was all smoke and mirrors.
Much like Bush's massive growth after the 2000-01 recession was over. More smoke and mirrors on credit and real estate values.
The UK and US have the exact same problems. Unaffordable government programmes and no manufacturing left. Domestic service industries just recycle the same cash and all the cash from real goods heads to Asia and emerging markets. It's death by slow bleed.
I do agree wholeheartedly with your assessment on the damage that outsourcing of jobs does to our economy. It seems like both parties do not want to change it. The quick buck mentality with big business seeks the cheapest labor abroad and ignores the fact that unemployed and underemployed people have less money to spend on the goods that are manufactured overseas. If the Conspiracy Theory is right, it looks like the framework of a world goverment is slowly being constructed, namely, the New World Order.