Here's a little history quiz for our Tea Party friends. For each pair of Presidential terms choose the one during which the National Debt rose as a percentage of GDP:
Nixon/Ford 1973-77 or Johnson 1965-69
Reagan 1981-85 or Carter 1977-81
GHW Bush 1989-93 or Clinton 1993-97
GW Bush 2001-2005 or Clinton 1997-2001
In all cases the Republican increased the percentage of debt and the Democrat decreased it. Fact: Reagan and the two Bushes (with a little help from Nixon/Ford) are responsible for ALL of the increase in the percentage of debt compared to GDP between 1945 and 2009.
President Obama inherited the worst economy since the depression and had to institute emergency measures which, exaserbated of the refusal of Republicans to allow tax breaks for the wealthy to expire as scheduled, will increase the percentage of debt further.
But if you are mad about the debt, be mad at the right folks, those who cut taxes on the wealthiest Americans while financing spending increases on the backs of our children - Ronald Reagan, George Bush, and George W. Bush. Remember it was Bush's VP, Dick Cheney who said, "Reagan proved, deficits don't matter."
Here's the whole chart:
National Debt Chart 1945-2009