Historically, Republican Leave More Debt Than Democrats
By gladys46
@gladys46 (1205)
United States
March 30, 2011 1:03pm CST
As noted by financial analyst Hale Steward and many other credible sources, between 1960 and 2010, federal spending as a share of the economy has bounced around within a fairly narrow range of between 17.7% (under Eisenhower) and 21.8% (during the first Bush's term in office). Republicans are just as happy to spend, but they run political campaigns on tax, and the result is that since the middle of the last century, contrary to the "tax-and-spend" label, it's been Democrats who are far more convervative when it comes to keeping deficits under control than their Republican counterparts.
Ronald Reagan started his term with total debt outstanding of 930 million and INCREASED total debt outstanding to $2.7 TRILLION. This is a 13.7% compound annual increase. He NEVER balanced a budget.
Bush 1 started his term with outstanding debt of $2.7 trillion and INCREASED total debt to $4 TRILLION. This is a 10.32% compounded annual increase. He NEVER balanced a budget.
Clinton started with total debt outstanding debt of $4 trillion and increased total debt outstanding to %5.6 TRILLION. This is a 4.2% compound annual increase. He BALANCED HIS LAST THREE (3) budgets.
GW Bush started with %5.6 TRILLION total outstanding debt and increased total outstnding debt to $10 TRILLION. That works out to a 9.8% annual INCREASE -- justly slightly more than the rate it has grown during President Obama's first years.
If you can credibly argue with any state provided here, please do! Also, is it a "fact" that China only holds (as of last year) 9.5% of our outstanding debt as opposed to the reported 42.1% "we" own of the national debt in the form of Treasury bills held in our pension funds, 401(k)s, etc.?
Why is it that once elected, Republicans fail to balance government budgets using what they campaign on .. "small government" and "tax cuts"?
1 person likes this
6 responses
@sierras236 (2739)
• United States
30 Mar 11
And President Obama's debt load has blown everyone else out of the water.
@terryt52 (243)
• United States
30 Mar 11
Well the facts may be correct however no president has ever spent as Obama does. We are in serious trouble in state and government. I do not care republican or democrat we have got to cut all spending that is not required to keep the government and states running. Posting the financial analyst does not make Obama look like a hero
@sierras236 (2739)
• United States
30 Mar 11
Healthcare, the Bank bailouts, the failed Mortgage program, Cash for Clunkers program, the Libya support, the moratorium on drilling, the over 100 czars, and so on. Those are just basic things under President Obama, none of those little extras can be blamed on Bush.
@gladys46 (1205)
• United States
30 Mar 11
So, terry how much has Obama spent ... could you give us those figures?
And, would you consider the fact that the last time the public debt DECREASED was in the 1950s! After all, credible reports are that we're still paying for Korea and Vietnam and Grenada and Panama and the first Civil War and Somalia and the Balkans and on and on!! Also well reported is the fact that GW Bush did not add the cost of either war he started Afghan or Iraq onto our debt ... those costs are added onto President Obama's so-called national debt!!
As has been stated, it's ironic .. or a testament to the influence of the conversavtive misleading "message machine" on the national debt since that discussion centers on "entitlements" like social security (which hasn't added one penny to the national debt)!!
@Netsbridge (3253)
• United States
30 Mar 11
Very true, and all because of their warlike nature! Most of US debts are result of war expenses! Just the partial commitment in Libya costs the US about $2 billion dollars per day!
While some actually believe Barack Hussein Obama is liberal democrat, I think Obama is political conservative! Obama's anti-war and oil-independence promises were nothing but political rhetorics!
@gladys46 (1205)
• United States
30 Mar 11
Alas, someone willing and courageous enough to speak truth about the "topic!" Would you say that the so-called "Iron Triangle" that powerful nexus that includes the Pentagon, military contractors and lobbyists, the hawks and chickenhawks on the Congressional armed services committees will continue to resist cuts every step of the way?
President Obama never ran as a "liberal" democrat ... he ran a straight down the middle democratic moderate!
@irisheyes (4370)
• United States
31 Mar 11
Amazing, isn't it!
Bill Clinton really did balance those budgets. Yet all the conservatives can yap about is Ronald Reagans "trickle down" economics and the only things that trickled down were the debt & a whole big bunch of minimum wage, no benefit jobs that did in the middle class and balanced nothing.
What continues to puzzle me is why do so many Americans vote against their own (and their families) best intersests? Unless you are currently a billianaire, you and your family's best interest's are not being served by the Republican party. Furthermore, any super rich person with a social consicence (eg. Warren Buffet, Steven Spielberger etc) is also a Democrat.
@artistry (4151)
• United States
31 Mar 11
..Hi irisheyes, The GOP is very good at crafting a message with the likes of Karl Rove leading the way, who states that if you tell a person a lie long enough they start to believe it. The GOP has been getting people to vote against their own interests for years.
Just like they bashed the health care plan. People really need to wake up. This union busting in Wisconsin is striking a nerve and hopefully there will be an eye opening taking place soon. Take care.
@gladys46 (1205)
• United States
31 Mar 11
Hi there irisheyes and artistry!! Yes it is amazing!! I'm continuously puzzled too! I'm reminded of 117 A.D., ancient Roman Empire ... that colosseum craze ... give 'em a slice of crusted bread and a distracting man vs. man or beast contest!! Amazing indeed.
@Taskr36 (13963)
• United States
30 Mar 11
Naturally you have no actual sources, but that's ok, because I know the numbers by heart.
The comical thing is that you are ignoring the many MANY democrats who helped put this country into debt. You took 3 republicans who ran up the deficit and 1, yes ONE Democrat who balanced the budget for 1, not 3, but ONE year. You also ignored the fact that spending bills come from the House. That means both democrats and republicans have been responsible for the deficits over the years and that 1 year that we did have a balanced budget, it came from a REPUBLICAN led House.
Either way it doesn't matter. BOTH parties have run up the debt. Singling out one president who had a balanced budget for one year while working with a Republican congress doesn't mean that the entire Democratic party gets to take credit.
Should I also point out how you so conveniently left out Obama and the fact that the biggest deficit increase in a single year happened with a Democrat as president and Democrat super-majorities in both houses?
@Taskr36 (13963)
• United States
30 Mar 11
"President Obama was left with two unpaid for wars!!"
That's a straw man argument. EVERY president is left with something. Carter left Reagan with a huge recession and Clinton left Bush with a recession. Bush also had to deal with 9-11. Unless you are going to give every other president a pass because of crap they inherited you can't do it for Obama. Besides, he promised to have us out of Iraq within 16 months. That means that even if you gave him a pass, that would have expired in July of 2010, which is when we should have been out based on his promise.
"TARP was a "republican" giveaway"
Bull$hit. Both parties were at fault. However, the MAJORITY of Democrats voted for it, 172-63. The MAJORITY of Republicans did NOT vote for it, 91-108.
http://clerk.house.gov/evs/2008/roll681.xml
"I mention the most recent "republican" presidential administrations"
And yet you conveniently ignored 2 out of the 3 most recent "democrat" presidential administrations. You also ignored congress which, as I pointed out, is where those budgets are coming from. When was the last time a congress led by democrats passed a balanced budget?
@gladys46 (1205)
• United States
30 Mar 11
It you have sources to the contrary Taskr ... bring them!
President Obama was left with two unpaid for wars!!
TARP was a "republican" giveaway remember?
I mention the most recent "republican" presidential administrations ... some may not have been born prior to those I did mentioned!!
@gladys46 (1205)
• United States
30 Mar 11
Bring your credible facts to the contrary Taskr! Republicans leave more debt than Democrats ... I'll stand on those facts ... you are welcomed to stand on speculations and personal rants ... as usual!
As was stated, the last time the public debt DECREASED was in the 1950s, every year since, we've experienced record highs in debt in dollar terms. President Obama has done nothing unlike any other president, especially post 9/11 military deployments and a "Great 2008 GW Recession" ALL forcing much to be done to save America's financial institutions and American jobs!
@artistry (4151)
• United States
31 Mar 11
...Hi gladys, Well, state wise New Jersey has been left with deficits by each of the last two Republican Governors. Whenever the Democrat won after a Republican had been in charge there was a huge mess to deal with budget wise. After the Democrat did the hard work of cleaning it up they were bounced for another Republican like Whitman who did the same thing leaving another budget mess. It takes former Governor Howard Dean to tell people about GOP leadership or lack thereof. Cheers.
@Taskr36 (13963)
• United States
31 Mar 11
New Jersey? That's your example? Did you see what Corzine did to this state? Corzine's attempts to punish successful people caused over $70 billion in wealth to leave the state of New Jersey. A libertarian republican, Chris Christie, is the one now cleaning up the massive $11 billion deficit left for him by a Democrat. The facts just aren't on your side now are they?
http://www.nj.com/business/index.ssf/2010/02/nj_loses_70b_in_wealth_over_fo.html
@Taskr36 (13963)
• United States
31 Mar 11
It doesn't change the past, it IS the past. Under the last elected Republican governor of New Jersey $90 billion in wealth entered the state. Under Corzine over $70 billion in wealth LEFT the state. Nobody needs to change the past, just to acknowledge it and see what all the millionaire taxes and punishment of success have done to the state.
