In 2008, our national debt was 9.7 trillion. Today it is 14.3 trillion. That is a 50% increase in the national debt. The national debt for 2013, Obama's last year in office, is predicted to be over 20 trillion dollars. That is more than a 100% increase.
Any fool who believes Obama isn't spending this country into the grave is just that. A fool.
Notice the chart below. As you can see, the national debt is shown in comparison to the GDP, or Gross Domestic Product. During WWII, the national debt exceeded GDP. That was not all due to war spending. In fact, most of that debt was from the social experiments of FDR. But we tend to forget that. Notice also that the national debt peaks at the successful conclusion of wars, and that until the children of the baby-boomers started entering college, we were paying the debt down. Notice the slight increase in the debt during the peak of the Vietnam "conflict." Then notice the huge increase as Reagan and America poured it on to defeat the Soviet Union. Notice the reduction as Slick Willie takes credit for the fall of the Soviets. Slick Willie actually increased social spending, but gets credit for the surplus created by the defeat of our enemies.
Now notice about 2001, when we were attacked (yet again) by fanatic jihadists. War spending begins to increase our debt again. Remember what Rumsfeld said. "You go to war with the army you have." But you don't keep a liberal draft dodgers idea of an army if you intend to win, so the deficit goes up. Now notice the almost straight up climb when Nancy Pelosi and Harry Reid get hold of the purse. Notice the debt going above 100% of GDP as Obama takes the Executive Branch.
US Federal Debt since the Founding
The United States federal government began with a substantial debt, the cost of the Revolutionary War. Under Alexander Hamilton’s funding system the debt was paid off by 1840. Government debt has typically peaked after wars. It breached 30 percent of GDP after the Revolutionary War, the Civil War, and World War I. It breached 100 percent of GDP in World War II. Government debt also breached 100 percent of GDP in the aftermath of the financial crisis of 2008.
The following is a list of debt increases by President. Notice that all of the numbers are for four year terms, except for Obama's first year in office. On this chart, George W. Bush reigns over the largest increase in any four year term. But Obama's predicted increase for his "first" and God willing last, term, is expected to be 6.5 trillion. That is roughly equal to the sum of all these other Presidents.
> Ronald Reagan’s First Term – $656 billion increase
> Ronald Reagan’s Second Term – $1.036 trillion increase
> George H.W. Bush’s Term – $1.587 trillion increase
> Bill Clinton’s First Term – $1.122 trillion increase
> Bill Clinton’s Second Term – $418 billion increase
> George W. Bush’s First Term – $1.885 trillion increase
> George W. Bush’s Second Term – $3.014 trillion increase
> Barack Obama’s First “Year” – $1.573 trillion increase
TGP,
ReplyDeleteYou're playing with the trolls again. You won't convince them since they are stuck on their narrative like the lemmings that they are.
None of us agreed with GW's spending but to ignore what zero has done or simply use it as an excuse is beyond stupid.
In the meantime, the dims are playing the repubs like the dumb bastards that they are.
Boehner's deal is cutting the budget over ten years. Oh bullshit. The next congress can change that legislation at will.
We need a balanced budget amendment and nothing less.
I agree on a balanced budget amendment. I would go a step further and pass an 80% of GDP amendment. Using the other 20% as a nest egg for emergencies like natural disasters or wars on terror, I would require that every 5 years, unused nest egg money be returned to the tax-payers as a paid for stimulus.
ReplyDeleteI would outlaw deficit spending.