reply to post by bkcrt
I am ok with "agreeing to disagree," however I do have data to back up the claims.
Clinton did wonders, considering he went into office with a deficit as large as this one, and came out with a surplus. (edited for Loutty who got
I'll try posting the chart again:
info found here
and finally, the TRUTH about Reaganomics
It Was Reagan, Not Congress
Some say Reagan had nothing to do with the debt's U turn
They say it was Congressional Democrats. Not true. Had things worked out just as Reagan proposed and predicted, the debt still would have gone up 85%
as much. But even this is deceptive. The reason his predicted savings did not materialize was not Congress. The reason was that he predicted much more
economic growth from supply-side magic than actually happened. So he counted on taxes that were never collected to help his budgets. In fact a study
by the House found that Reagan asked for $29.4 billion more in spending than Congress passed.
From the White House: The Reagan-Bush Debt Explained
"The traditional pattern of running large deficits only in times of war or economic downturns was broken during much of the 1980s. In 1982 [Reagan's
first budget year], partly in response to a recession, large tax cuts were enacted. However, these were accompanied by substantial increases in
defense spending. Although reductions were made to nondefense spending, they were not sufficient to offset the impact on the deficit. As a result,
deficits averaging $206 billion were incurred between 1983 and 1992. These unprecedented peacetime deficits increased debt held by the public from
$789 billion in 1981 to $3.0 trillion (48.1% of GDP) in 1992." [emphasis added]
From "Historical Tables, Budget of the U.S. Government, Fiscal Year 2006." Downloaded from www.whitehouse.gov/omb/budget/fy2006/pdf/hist.pdf. Page
High inflation allowed Reagan to misstate an inflated-dollar debt as a real growth in debt. On February 5, 1981, two weeks after taking office, in his
"Address to the Nation on the Economy," Reagan said:
"By 1960 our national debt stood at $284 billion. ... Today the debt is $934 billion. ... We can leave our children with an unrepayable massive debt
and a shattered economy."
here is a good site with plenty of visuals that are easily understood.
the author explains the second graph:
Since 1938 the Democrats have held the White house for 35 years, the Republicans for 36. Over that time the national debt has increased at an average
annual rate of 8.5%. In years Democrats were in the White House there was an average increase of 8.3%. In years the Republicans ran the White House
the debt increased an average 9.2% per year. Those averages aren’t that far apart, but they do show a bias toward more borrowing by Republicans
than Democrats even including World War II.
If you look at the 60+ year record of debt since the end of WWII, starting with Truman’s term, the difference between the two parties’
contributions to our national debt level change considerably. Since 1946, Democratic presidents increased the national debt an average of only 3.2%
per year. The Republican presidents stay at an average increase of 9.2% per year. Republican Presidents out borrowed and spent Democratic presidents
by a three to one ratio. Putting that in very real terms; for every dollar a Democratic president has raised the national debt in the past 63 years
Republican presidents have rais
[edit on 11/14/08 by irishgrl]