The Republican Party continues its war against debt, or at least its war against debts that occurred in the past few years when a Democrat has been president. Representative Buck McKeon emphasized this conflict is about “stemming the tide of debt and deficits that threatens to wipe out an entire generation’s opportunities.” OK, let us examine the history of debt in America.
1. In 1980, Ronald Reagan became president when our national debt was $900 billion. When he left office it was $2.7 TRILLION.
2. George Bush(1) entered office with that $2.7 TRILLION and left office with $5 TRILLION.
3. Bill Clinton entered office with $5 trillion and left office with $5.5 TRILLION. He also had balanced the budget and created a surplus.
4. George Bush entered office with that $5.5 TRILLION and left office with $11 TRILLION and a yearly deficit of $1 TRILLION.
I am so glad that Republicans are concerned about debts.