That's like the disasterous argument that if we expand the number of homeowners we will expand the number of people in the middle class, because owning a home makes you middle class. That worked out well, didn't it?
From a certain perspective, it worked out beautifully. Although the outcome was predictable the moment Bill Clinton began the policy, the outcome did not happen until a Republican was president. Thus, Bush got all the blame for it, which is a win-win as far as socialists are concerned.