As a Registered Republican and a true fiscal conservative I share these numbers with you for your own conclusion. My time on the George Hale / Ric Tyler Show on Monday mornings for the past number of years in what we call the ‘Money Men’ segment has established my clear record of political neutrality when it comes to fiscal matters. While my fiscally conservative leaning has certainly been ever present.
I recently read an article shared with me by a dear friend. That article has forced me to do some serious analysis of our Federal Debt history. The article found at this link, http://www.newser.com/story/138768/how-much-did-obama-really-add-to-deficit.html , makes a great case for the debt accumulated under Obama’s watch as having been primarily inherited from GW Bush.
The Bush policies in place and left in place since Obama took office, have accumulated about $4.7 Trillion of the $5.7 Trillion in new debt.
The staggering reality of our past 30 years: Lets look at the history of our debt since 1980.
When Reagan took office, there was just about $900 Billion in Federal Debt – that’s $100 million shy of $1 Trillion for those of us, myself included, overwhelmed by all of the zeros! Now that means it took 224 years to get to less than $1 Trillion.
By the time George Bush Sr. left office the debt had grown to $4 Trillion. Credit a quadrupling of the debt in 12 years, 8 with Reagan and 4 with Bush Sr.
Under the next 8 years we saw the debt only climb by $1.6 Trillion. Credit that to President Clinton. A nice slow down for sure.
Then came Bush Jr. and the debt rose by a staggering $4 Trillion by the time of his exit in 2008. In 8 years we managed to nearly double our National Debt….
If we stopped there in 2008 we could then credit the two Bush and Reagan Presidencies, just 20 years, with $7.1 Trillion of the total $9.6 Trillion National Debt. That is 74% of the total National Debt! And that was done in just 20 years, while it took 212 years to accumulate the other 26% of the debt…
Now for the great debate. The Bush policies set into place in the fall of 2008 can, by analysis, be placed with the responsibility of having accumulated about $4.7 Trillion of the $5.7 Trillion added since Obama had taken office.
If that were the case then we could give credit to the two Bush and Reagan Presidencies for $12.8 Trillion of the total $15.3 Trillion National Debt balance today. That is a whopping 84% of the total debt accumulated in just 24 of our 236 year history of our country.
I am not sure that method is entirely fair as I think we would then have to reassess all prior debt accumulations credited to Presidents and would need to look at the same analysis for each. We then would certainly see a bit different picture.
However, the point is that we as a country have managed to accumulate the lion’s share of our debt in only about 30 of our 236 year history. Current, and agreed upon projections, show the debt climbing to the $23 Trillion Range in just 10 years.
No matter who you are and what economic policies you follow, this equation does not pan out. It is simply unsustainable and not affordable. If we continue on our current course the interest on our debt, in just 10 short years, will be higher than today’s total Federal Income Tax Receipts – that is a fact.
As we move into a heavy Presidential debating period we must all rise above and look to our future solvency. I think based on my analysis here that the ‘Fiscal Conservative’ candidates on the ‘R’ side of this effort may not at all be what they seem. On the other hand we can’t have a President who thinks we can take from the wealthy and give to the poor without consequence either – it simply doesn’t work.
Attentive consideration for the candidate not supported by the prevailing political power machines should be given. Today we must all be wise in our choices for political leadership as the consequences of those choices truly impact our future solvency.