Interesting thing I noticed about the National Debt
 

Something just clicked in my mind the other day about our national debt.

When Reagan took office our national Debt was about 1 trillion. (using rough numbers here) This was our entire debt from our 200 years of existence as a nation and included the bills for all of the wars we'd ever fought.

When he left office the debt was 5 trillion.

When Bush took office our national debt was 5.7 trillion. (I got that number from MSNBC the other day...it was on the screen alot) That means that under 4 years of Bush Sr and 8 years of Clinton, we added a total of 700 billion to the debt. Those 12 years also included a war and a recession.

Currently our debt is 9.7 trillion (source again MSNBC)....and now it appears as though we're going to add at LEAST another trillion to that with the Wall Street bailouts. So that will leave us with a 10.7 trillion debt.

Of that debt, 84% of it is from two Presidents, Reagan and Dubya. The two presidents who told us that cutting taxes for the top brackets would "pay for itself" through the increased growth it would create in our economy.

Just some food for thought....9 trillion of our 10.7 trillion debt is from these two presidents and due in large part to their philosophy on taxes.
Hopefully, America as a nation has learned it's lesson and won't buy into the "voo doo economic theory" anymore.

http://www.lafn.org/politics/gvdc/Na...August2006.gif

linkhotten

imperial cycle from reagan is what started the downward spiral..its really just about grabbing money for themselves and their buddies.

they should be charged with treason

From 94 to 2000 the congress was controlled by who ?

nice graph

:yawn

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The same ones as from 2000 to 2006.

I don't blame the Democrats or the Republicans. The fault lays 100% on the citizens of the United States for allowing it, and continuing to allow it to happen. We control our gov't, we hire and we fire them.

Blaming others is a sign of weakness, start taking some fucking responsibility for what happens to your country, or shut the fuck up.

Post of the day :thumbsup

i concur... when are the sheep going to wake up and do something? that is thw million dollar question... or in this case, the $10 trillion dollar question...... :2 cents:

Great post. Do you blame the porn industry for what happened to it? :winkwink:

As for the subject about cutting taxes so it trickles down. Why take the risk of it trickling down when you can cut it where you want it to end up? Because you want the rich to decide where it trickles down to.

So give a guy earning $10,000 a month and up a tax cut and he's likely to buy a foreign car, overseas holiday or home overseas. Give a guy under $10,000 a month a tax cut and he spends it in the local shops. Yes I understand a poor man can buy a shirt made in China. Not every time just often enough to see money flow out of the US.

However when the electoral system is based on who can get the most money donated to spend on campaigning, what do you expect?

well said paul, our system is set up to win you have to be a whore and that's on either side.

if AIG would have signed up under me for cashcrate they never would have been in this predicament!

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The same one's that controlled it form 2001-2007.

I love how repubs want to take credit for the economic growth of the 80's because Reagan was president (even though the dems controlled congress) but also take all the credit for the balanced budget in the 90's (even though Clinton was president)

I would have to say the ultimate responsibility would lie with the President....since he does have veto power over every budget bill. "IF" a president had vetoed budget bills and then had them overridden by congress, then you could make the case that congress was responsible....but that never happened with Reagan or Bush.....the only President in recent memory to veto a budget bill was Bill Clinton.

The main difference between democrats and republicans is this.
Democrats want to raise your taxes.
Republicans want to raise your children's and grandchildren's taxes.