Wednesday, November 17, 2010

Which Presidents Increased our National Debt?

The National Debt
by Percentage of Decrease or Increase

Here's an interesting table taken from Wikipedia. It uses CBO figures. The pink cells are Republican presidential terms. You will see that ALL percentage increases in the national debt came in Republican administrations.

I am no economist. Far from it. But I cannot help but believe that there is significance to the fact that the combined increase in the national debt compared to the gross national product of last five Republican administrations has been more than 60% compared to a decrease under the last five Democratic administrations of a combined total of 30%

Like President Roosevelt in the 1940s, President Obama is having to again increase the debt to get us out of a mess. But for Republicans to holler about it would be humorous if it weren't such a serious topic.

Trickle-down does not work.

Reagan tried it and doubled the debt.

Bush Jr tried it and nearly destroyed our economy.

Now we have the Republican leaders declaring they will fight to lower the national debt WHILE cutting more taxes, raising defense spending, rescinding the debt-reducing health care reforms, etc., etc., etc.

Didn't work for Reagan 1, Reagan 2, Bush 1, Bush 2 or Bush 3. Won't work now.

Reagan and Bush I administrations raised the debt from 33% of GDP to 66% of GDP. Bush Jr took the debt from 56% of GDP to 83% of GDP.

Democrats? Every Democratic administration since 1945 has reduced the percentage of debt compared to gross domestic product (GDP). When Bill Clinton took office the debt was 66% of GDP. When he left office the debt had been trimmed to 56% of GDP.

Economically, Republican administrations have been great for rich folks and the current GOP leaders are standing tall - stout hearts - to protect the interests of those mistreated folks who "earn" a quarter of a million a year or more.