The [Democrats] / [Republicans] are driving the nation toward insolvency. They both are, and in more or less equal measure. In 2001, when George W. Bush took office and Republicans controlled Congress, the budget was essentially balanced and the total national debt was about $5.8 trillion. Washington has run an annual deficit every year since. Over Bush's first six years, when Republicans controlled the White House and Congress, the debt rose by about $3.2 trillion. Over the last two years of the Bush administration, when Democrats controlled Congress, the debt rose by another $2.9 trillion. So over the eight-year Bush administration, the debt more than doubled, rising by a total of $6.1 trillion.
Obama, in his first two years, has added about $3.2 trillion more to the national debt. There are plenty of caveats. The pace of debt expansion under Obama is obviously faster, but that's due to the stimulus and to a shrinking economy that still hasn't regained all the ground lost since the recession began in late 2007. And both presidents passed programs with costs still to be tallied in the future. Still, any politician charging the other party with excessive spending could--and should!--level the same accusation at his own party. Republicans and Democrats alike are addicted to spending money they don't have.
Rick Newman, On Friday October 22, 2010, 10:11 am EDT
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Just as with any purchase, the down payment is the largest single payment. The stimulus (Purchase) is an investment to buy our way out of eight years of Republican ineptitude at managing the economy. Like any investment, the stimulus requires time to show a profit. The return on a good investment increases as it ages just as the stimulus has done.
ReplyDeleteObama, in his first two years, has added about $3.2 trillion to the national debt. A large portion of that $3.2 trillion has already been repaid and the Democrats are well on the way to a balanced budget, unless of course we turn the house and senate over to the republicans.