In the discussion thread: House will vote next week on plan to raise debt ceiling for three months [View all]
Response to mostlyconfused (Reply #8)
Fri Jan 18, 2013, 03:48 PM
JDPriestly (47,200 posts)
9. The Republicans repeatedly run up the country's debts and then refuse to pay them.
Look at the record.
You can see a graph at this website.
In 1981, the supply-siders commandeered the Reagan Presidency and employed their Voodoo economics, as Bush senior had called it in 1980. He was saying that tax cuts would not increase government revenues. As you can see on the graph above (get it on your smartphone ), the Voodoo failed just as Bush predicted, and the supply-siders turned a 32-year winning streak into a debt disaster that continues to this day. For 20 years, under Reagan and the Bushes, the national debt increased compared to GDP every single year. In most other years it decreased. Twenty years in a row can't be just an accident, but to understand you need to learn the voodoo strategy. (Why graph Debt / GDP ?)
. . . .
Bush senior fought against supply-side debt, so the Republicans didn't support him and he lost to Clinton, who put an end to supply-side economics. G. W. Bush brought it back full strength, with V.P. Cheney saying "Reagan proved deficits don't matter." Currently supply-siders are in full control of the Republican party.
What about Obama? Notice how the debt accelerated during Bush's last two budget years. Obama's debt is a continuation of that trend and neither Bush nor Obama are directly responsible for that acceleration. It happened because of the recession. Bush set the all-time record by increasing the debt by $1.1 trillion in 100 days between July 30 and Nov 9, 2008—but that had little to do with his choices.
Recessions cut tax revenues—in this case, dramatically. That accounts for nearly half of the deficit. So blaming Obama for the full deficit is like blaming him for not raising the tax rate to keep tax revenues up. Most of the increased spending is automatic increases in unemployment benefits, food stamps, and social security payments for early retirement. Very little of it is from stimulus spending, and that's over.
. . . .
Republicans have snowed a lot of Americans with blather about deficits and unbalanced budgets. The truth is that the Republicans failed to respond to the growth of the deficit during Republican administrations and failed to balance the budget when they were in the White House. Note that Clinton's policies were building a budget surplus.
In particular, George W. Bush cut taxes in a way that was especially generous to his wealthy supporters and then fought two wars on borrowed money.
Now the Republicans want the Obama administration to clean up the Republican-made mess. Typical of the country-club set. They are masters at getting other people to clean up the messes they created.
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