by Hoomai29, Fri Oct 29, 2010 at 01:02:27 PM EDT
The Democrats are 5 for 13 (38%) on U.S. Debt Reduction.
U.S. Debt: Democrats $2.1 Trillion, Republicans $9.1 Trillion Since 1978
Everyone’s worried about the skyrocketing U.S. National Debt. The question is what should we do? Republicans insist that they're the only ones who can fix the U.S. Debt (and voters agree--Republicans are up 14 points in a Politico poll on who's better to fix the deficit). This, however, is 180 degrees from the truth.
Two nationally known financial and economic experts reviewed data from the Office of Management and Budget to assess the performance and track record of the administrations over the past 33 years. The results may surprise you.
Dr. Stephen Soft and Dr. Richard Barrett say that the data shows that Reaganomics created a $9+ Trillion Dollar U.S. Debt and that Pres. George W. Bush (’02-’09) Upped it $4.9+ Trillion.
A quiz to test your knowledge of the basics of U.S. Government debt follows:
The Horrific, Terrible, Gotta' Do Something Now, U.S. Government Debt Quiz
1. Since President Jimmy Carter’s term, which presidents have reduced the U.S. National Debt?
2. How many years since 1978 have Republican Presidents reduced the Debt?
3. How many years since 1978 have Democratic Presidents reduced the Debt?
4. Since 1978, how much have Republican Presidents increased the Debt?
5. Isn’t the debt Congress’ fault? They have to approve the budget.
6. Since 1978, how much have Democratic Presidents, including President Obama, increased the Debt?
7. Who set the record for biggest and fastest Debt increase?
8. Biggest single budget Debt increase?
9. Biggest single budget reduction?
The Horrible, Terrible, I Can’t Believe That’s True, Answers
Only Carter and Clinton (in his Second Term) reduced the U.S. Debt.
Republicans were zero for twenty on years they reduced the Debt. The percentage of years of U.S Debt reduction under Republicans is 0%--zero in 20 years.)
Democrats reduced the Debt in five out of their thirteen years in office. The percentage of years of U.S Debt reduction under Democrats is 38%--5 times in 13 years.
Republican Presidents, (Reagan and the two Bushes) increased the Debt by $9.1 Trillion Dollars. This number is in 2010 dollars and was adjusted using the yearly Consumer Price Index in June of each year.
Some say Congress was the problem, but Congress averaged $16 million less in final budgets than the presidents’ budget requests—and Presidents still hold the veto power. As of 2004 only 106 Presidential vetoes had been overridden in the entire history of the United States—less than one every two years.
Clinton and Obama increased the Debt by $2.1 Trillion. ($1.785 Trillion of that was Obama’s 2010 Budget intended to keep the Recession from becoming a Depression.)
President George W. Bush broke all Debt records in his second term** (**Fiscal Years 06-09)
$3.14 Trillion in Debt in four years.
$2 Trillion in Debt in one year (FY 2009).** (FY 2009 began in Oct., 2008.)
$1 Trillion in 100 days (The speed record: 8/11 to 11/19, 2008.)
The worst performance on reducing the U.S. debt occurred during Bush’s last term--$3.14 Trillion in Debt.
The largest reduction in the U.S. Debt occurred during Clinton’s last term—Minus $0.235 Trillion.
References: Data from the U.S. Government OMB:
Data: Whitehouse FY 2011 Budget-Table 7.1: http://www.whitehouse.gov/omb/budget/Historicals/
Consumer Price Index Data: Bureau of Labor Statistics, 1982-1984 = 100.
CPI adjusted to make 2010 = 100: ftp://ftp.bls.gov/pub/special.requests/cpi/cpiai.txt
Static graphs: U.S. Debt increase in last thirty years: http://www.zfacts.com/p/318.html
Excel spreadsheet: U.S. Debt since Carter Administration: http://www.ADebtIsATax.com
YouTube Debt Info: Supply-Siders’ U.S. Debt Disaster: http://www.youtube.com/watch?v=P1bZ-TiX8rA
Excerpt of Table of Recent U.S. Presidential Debt Creation
US PUBLIC DEBT—DEMOCRATIC VERSUS REPUBLICAN PRESIDENTS--1978-2010
Jimmy Carter (Fiscal Years 1978-1981) Minus $0.143 Trillion
Bill Clinton (Fiscal Years 1993-1996) $0.733 Trillion
Bill Clinton (Fiscal Years 1997-2001) Minus $0.235 Trillion
Barack Obama (Fiscal Year 2010) $1.785 Trillion
Total $2.140 Trillion
Ronald Reagan (Fiscal Years 1982-1985) $1.288 Trillion
Ronald Reagan (Fiscal Years 1986-1989) $1.355 Trillion
George Bush Sr. (Fiscal Years 1990-1993) $1.531 Trillion
George Bush Jr. (Fiscal Year 2002-2005) $1.794 Trillion
George Bush Jr. (Fiscal Year 2006-2009) $3.142 Trillion Total $9.110 Trillion
For full tables: Go to http://wwwzfacts.com/p/.ADebtIsATax.com/html , at top of page, click on—Calculation Spreadsheet
For contact information for Drs. Stoft and Barrett go to: http://www.ADebtIsATaxOnYourKids.html
Free reprint is okay.