Who’s Responsible for the National Debt?

[kpete]

Who’s Responsible for the National Debt?
By Mike Lillis 6/2/10 4:28 PM

Annie just noted that the national debt hit a (somewhat meaningless) milestone this week, topping $13 trillion yesterday. As a quick addendum, it’s worth pointing out which presidents are most responsible for running up the national tab. We’ll go back five. (All numbers come from the Treasury Department, found here and here.)

1) Ronald Reagan (1981-1989): Inherited roughly $908 billion in debt, and took it up to $2.6 trillion. Change: +186%.

2) George H.W. Bush (1989-1993): Took Reagan’s $2.6 trillion up to $4.2 trillion. Change: +62%.

3) Bill Clinton (1993-2001): Took Bush’s $4.2 trillion up to $5.7 trillion. Change: +36%.

4) George W. Bush (2001-2009): Took Clinton’s $5.7 trillion up above $10.6 trillion. Change: +86%.

5) Barack Obama (2009-2010): So far, has taken Bush’s $10.6 trillion up to $13 trillion. Change: +23%.

......................

Note: This post has been updated so that the figures from 1993 onward reflect the debt on the day that the listed presidents were sworn in, as opposed to the month that they were elected. Because the Treasury Department doesn’t keep such daily debt figures before 1993, the numbers surrounding Reagan’s term ($908 billion and $2.6 trillion) reflect the debt several months before he was sworn in and several months before he left office, respectively.

more:
http://washingtonindependent.com/86213/whos-responsible-for-the-national-debt

[bigwillq]

1. All of the above (nt)

[Clear Blue Sky]

2. Everyone. Can't spend more than you take in. Yet they all do.

Don't leave out Congress. They actually do the appropriations and spending.

[bigwillq]

3. Good call on Congress

They're the worst offenders.

[havocmom]

4. There have been a lot of Congress Critters and pork involved

And that privatization thing team bush pushed has been a killer to any sort of careful federal spending.

LOTS of corporations have been getting contracts for stuff federal employees did better and cheaper. Workers for those corporations usually not getting as much as fed employees did, so there is less payroll taxes going into the Treasury. CEOs, on the other hand get more and have better tax accountants.

[Lasher]

5. And Clinton's 8 year increase was just over half as much as GHWB's 4 year increase.

Historical records clearly indicate the national debt increases more when a Republican President is in office. And it gets even worse when Republicans control Congress.

[Jennicut]

7. But...I thought they were the party of small govt.?

:rofl:

[Lasher]

10. Here, let me share an article with you.

Democratic Superiority, By the Numbers

It's not a recent article, and I have shared it at DU several times over the years. But it effectively demonstrates what you and I are saying.

[Jennicut]

11. This says it all:

"As for measures of general prosperity, each president inherits the economy. What counts is what happens next. Let's take just two measures, although they all show the same thing: Democrats do better under every variation. From 1960 to 2005 the gross domestic product measured in year-2000 dollars rose an average of $165 billion a year under Republican presidents and $212 billon a year under Democrats. Measured from 1989, or measured with a one-year delay, or both, the results are similar. And how about this one? The average annual rise in real per capita income -- that's the statistic that puts money in your pocket. Democrats score about 30 percent higher.

Democratic presidents have a better record on inflation (averaging 3.13 percent compared with 3.89 percent for Republicans) and on unemployment (5.33 percent versus 6.38 percent). Unemployment went down in the average Democratic year, up in the average Republican one.

Almost forgot: If you start in 1981 and if you factor in a year's delay, Republican presidents edge out Democratic ones on inflation, 4.57 to 4.36. Congratulations. "

[DJ13]

6. Wage stagnation for 30 years coupled with tax cuts on business & the wealthy

These are correctable problems if our politicians really want to fix it.

I wont hold my breath.

[stray cat]

8. the nation meaning you and I included

[Rosa Luxemburg]

9. I thought they just printed more?

[montanto]

12. unfortunately, we are.

[TheKentuckian]

13. Mostly??? Republicans, the corporate leeches, and the ivory tower wealthy they serve

[Phx_Dem]

14. The 3 Republicans. Seriously. Bill Clinton gave us a surplus, and

Obama inherited a huge debt and a enormous recession. He had no choice.