Truemors
is reporting from
Member
NP Rank:
NP Rank:
Bushonomics: True Reason for Meltdown
Share:
by ishambat | August 9, 2011 at 03:50 am
167 views | 12 Recommendations | 5 comments
Michael Tomasky
The Boston Globe ran a chart last Sunday that I’d buy billboard space to reproduce in every decent-size city in America, if I were running the Democratic National Committee. The premise of it was very simple: It showed how many trillions each president since Ronald Reagan has added to the nation’s debt. The debt was about $1 trillion when Reagan took office, and then: Reagan, $1.9 trillion; George H.W. Bush, $1.5 trillion (in just four years); Bill Clinton, $1.4 trillion; Obama, $2.4 trillion.
Oh, wait. I skipped someone. George W. Bush ran up $6.4 trillion. That’s nearly half—44.7 percent—of the $14.3 trillion total. We all know what did it—two massive tax cuts geared toward the rich (along with other similar measures, like slashing the capital gains and inheritance taxes), the off-the-books wars, the unfunded Medicare expansion, and so on. But the number is staggering and worth dwelling on. In a history covering 30 years, nearly half the debt was run up in eight. Even the allegedly socialist Obama at his most allegedly wanton doesn’t compare to Dubya; and Obama’s debt numbers, if he’s reelected, will surely not double or even come close as we gambol down Austerity Lane.
In percentage terms, the case is even more open and shut. This table tells the sad tale. The percentages in question here are debt as a chunk of the GDP. It was more than 100 percent after World War II ended, for defensible and obvious reasons having to do with financing the war effort (the government buying all those tanks and planes from GM, and everything else). But after it went back down, it had tended to hover in the 40 to 50 percent range during good times. Well, Reagan raised it 20 points, to 53 percent from 33 percent. Bush Sr. a gaudy 13 points more. Clinton lowered it by 10 points, back down to 56 percent. Bush Jr.? Up 28 points, to 82 percent of GDP. Obama has raised it nine points. Once again: In a 30-year increase from 32 percent to 93 percent of 61 points, nearly half, 28 points or 46 percent, happened under Bush.
Advertisement
NowPublic on Facebook
What is NowPublic?
NowPublic lets people work together to cover news events around the world.
Most Recommended Stories in Tech & Biz
Recommendations (12)
The 1
Chicago, Illinois, United States
liamssoft
United Kingdom
Karen Hatter
Philadelphia, Pennsylvania, United States
YankeeJim
Arlington, Virginia, United States
Anonymous users (4)
Most RecentMost Recommended Comments (5)
at 03:53 on August 9th, 2011
Thank you for this "objective" analysis.
at 04:52 on August 9th, 2011
I would love to see the same analysis for the UK
at 11:45 on August 9th, 2011
Gross debt has increased by over $500 billion each year since fiscal year (FY) 2003, with increases of $1 trillion in FY2008, $1.9 trillion in FY2009, and $1.7 trillion in FY2010.[3] As of August 3, 2011, the gross debt was $14.34 trillion dollars, of which $9.78 trillion was held by the public and $4.56 trillion was intragovernmental holdings.[4] The annual gross domestic product (GDP) to the end of June 2011 was $15.003 trillion (July 29, 2011 estimate),[5] with gross debt at a ratio of 96% of GDP, and debt held by the public at 65% of GDP.
During the presidency of George W. Bush, the gross public debt increased from $5.7 trillion in January 2001 to $10.7 trillion by December 2008.[15] Under President Barack Obama, the debt increased from $10.7 trillion to $14.2 trillion by February 2011.[16] Debt relative to GDP rose due to recessions and policy decisions in the early 21st century. From 2000 to 2008 debt held by the public rose from 35% to 40%, and to 62% by the end of fiscal year 2010.[17]
During the presidency of George W. Bush public debt rose 5% over eight years to 40% of GDP. During the first fiscal year of presidency of Barak H. Obama from 2009 to end of fiscal year 2010 public debt rose 12%. to 62% of GDP with a gros debt equal to 96% of GDP. Amounts for 2011 not included.
The main thing is that the liberal MSM has been able to parse this in partisan terms absolving both the Democratic Party and Democratic members of Congress of any responsibility. Holding firmly once again that it was "all Bush's fault". And Obama has done nothing or very little during his time for which anyone should hold him responsible. Once again the American left is innocent of participation in the system of American governance.
at 21:20 on August 15th, 2011
One further thought .30-06, in addition to ishambat comment below, you forget the economic conditions President Obama inherited from the previous Bush Administration. That was quite different from the economic condition Bush inherited from the Clinton Administration.
at 20:54 on August 10th, 2011
Your numbers are all wrong.
First of all, going from $5.7 trillion to $10.7 trillion is not going to be an increase of 5%; it would be an increase of over 40%.
Secondly, if debt was 40% at the end of Bush and 62% now, then the increase would not be by 12%.
Get better calculators.