[NTA] FW: Graph that shows how Presidents increased the Debt ...
- From: "Ericsson, Aprille J. (GSFC-5050)" <aprille.j.ericsson@xxxxxxxx>
- To: undisclosed-recipients:;
- Date: Wed, 19 Oct 2011 15:43:28 -0500
Subject: Graph that shows how Presidents increased the Debt ...
This puts things in TOTAL perspective.
[cid:1.1333285089@web81302.mail.mud.yahoo.com]
The simplest, most direct presentation on the US debt increase that I have
seen. Everyone should see the graph at the very bottom and relate it to the
chronology outlined below.
Let's take a stroll down memory lane, shall we?
1980: Ronald Reagan runs for president, promising a balanced budget
1981 - 1989: With support from congressional Republicans, Reagan runs enormous
deficits, adds $2 trillion to the debt.
1993: Bill Clinton passes economic plan that lowers deficit, gets zero votes
from congressional Republicans.
1998: U.S. Deficit disappears for the first time in three decades. Debt clock
is unplugged.
2000: George W. Bush runs for president, promising to maintain a balanced
budget.
2001: CBO shows the United States is on track to pay off the entirety of its
national debt within a decade.
2001 - 2009: With support from congressional Republicans, Bush runs enormous
deficits, adds nearly $5 trillion to the debt.
2002: Dick Cheney declares, "Deficits don't matter."
2009: Barack Obama inherits $1.3 trillion deficit from Bush; Republicans
immediately condemn Obama's fiscal irresponsibility.
2009: Congressional Democrats unveil several domestic policy initiatives --
including health care reform, cap and trade, DREAM Act -- which would lower the
deficit. GOP opposes all of them, while continuing to push for deficit
reduction.
September 2010: In Obama's first fiscal year, the deficit shrinks by $122
billion. Republicans again condemn Obama's fiscal irresponsibility.
October 2010: S&P endorses the nation's AAA rating with a stable outlook,
saying the United States looks to be in solid fiscal shape for the foreseeable
future.
November 2010: Republicans win a U.S. House majority, citing the need for
fiscal responsibility.
December 2010: Congressional Republicans demand extension of Bush tax cuts,
relying entirely on deficit financing. GOP continues to accuse Obama of fiscal
irresponsibility.
March 2011: Congressional Republicans declare intention to hold full faith and
credit of the United States hostage -- a move without precedent in American
history -- until massive debt-reduction plan is approved.
July 2011: Obama offers Republicans a $4 trillion debt-reduction deal. GOP
refuses, pushes debt-ceiling standoff until the last possible day, rattling
international markets.
August 2011: S&P downgrades U.S. Debt, citing GOP refusal to consider new
revenues. Republicans rejoice and blame Obama for fiscal irresponsibility
Ronald P. Davis
New Britain Branch NAACP
President
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