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Saturday, October 9, 2021

DEBT CEILING & DEFICIT, COVID & DEATH TOLL

 

The hypocritical Republicans are going to force the Dems to go it alone on raising the debt ceiling, even though the vast majority of this country's debt was incurred by GOP presidents running up budget deficits, despite Democratic presidents' success in reducing those deficits. (The national debt is all those deficits accumulated, minus whatever we have paid off.)

Lyndon Baines Johnson (D)
     Assumed office November 1963: $5 billion deficit
     Left office January 1969: $3 billion surplus
     Decreased deficit by $8 billion
Richard Nixon (R)
     Assumed office January 1969: $3 billion surplus
     Left office August 1974: $6 billion deficit
     Increased deficit by $9 billion
Gerald Ford (R)
     Assumed office August 1974: $6 billion deficit
     Left office January 1977: $54 billion deficit
     Increased deficit by $48 billion
Jimmy Carter (D)
     Assumed office January 1977: $54 billion deficit
     Left office January 1981: $79 billion deficit
     Increased deficit by $25 billion
Ronald Reagan (R)
     Assumed office January 1981: $79 billion deficit
     Left office January 1989: $153 billion deficit
     Increased deficit by $74 billion
George H.W Bush (R)
     Assumed office January 1989: $153 billion deficit
     Left office January 1993: $255 billion deficit
     Increased deficit by $102 billion
Bill Clinton (D)
     Assumed office January 1993: $255 billion deficit
     Left office January 2001: $128 billion surplus
     Decreased deficit by $383 billion
George W. Bush (R)
     Assumed office January 2001: $128 billion surplus
     Left office January 2009: $1.4 trillion deficit
     Increased deficit by $1.5 trillion
Barack Obama (D)
     Assumed office January 2009: $1.4 trillion deficit
     Left office January 2017: $665 billion deficit
     Decreased deficit by $735 billion
Donald Trump (R)
     Assumed office January 2017: $665 billion deficit
     Left office January 2020: $3.7 trillion deficit
     Increased deficit by $3 trillion

So in the past 58 years, only one Democratic president, Jimmy Carter, had a larger budget deficit in his last year in office than he inherited from his predecessor. All six Republican presidents had larger deficits in their last budgets than they were handed at the start of their term.

In other words, Republicans love to spend taxpayer money like drunken sailors. And yet so many gullible voters have swallowed the GOP line that it's the Democrats who waste money, the basis for McConnell's current laughable refusal to raise the debt ceiling.

 





FROM THE BOSTON GLOBE  





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