These days every conversation I have with a member of the Republican party entails their complaints about the National Debt. In their view, this monstrosity is the creation of the Democratic Party and its spendthrift approach to government. In their version of history, under Republican presidents our government was led by those who possessed sound fiscal thinking. It was very simple according to Republicans, lower taxes on the wealthy would result in job creation leading to more tax revenues into the government and the result would be the end of our National Debt and a balanced budget. Such is the Republican mantra.
Let’s Examine the Record:
Democrat President Jimmie Carter left a National Debt of $900 Billion.
Republican President Ronald Reagan inherited this $900 Billion. He left office with a
National Debt of $2.5 TRILLION.
George H.W. Bush inherited $2.5 Trillion and left office with a National Debt of $5 TRILLION
Democrat Bill Clinton inherited $5 Trillion and left office with a National Debt of $5 Trillion. However, he left office with a budget that showed a $400 billion surplus. If following presidents did what he did, the National Debt would have BEEN PAID OFF BY 2010!
George Bush inherited $5 Trillion and left office with a National Debt of $11 TRILLION. BUT, he wrote the budget for 2009 and it had a deficit of $1 Trillion.
Barack Obama inherited a $12 Trillion deficit and due to interest payments and a collapsed economy, the National Debt continued to rise to its current $12 Trillion.
So, which party is responsible for the National Debt?