When President Joe Biden said Trump Republicans were responsible for nearly 25 percent of the national debt, GOP lawmakers protested vocally; but the fact is that so-called fiscally-responsible conservatives generated most of the national debt throughout US history.
Unchecked Republican spending included costs related to preventable disasters that occurred under GOP rule—such as 9/11, the Wall Street bailouts, and the Trump-era pandemic—along with a series of wildly irresponsible tax cuts for the rich.
During Donald Trump’s four years in the White House, he and the Republicans in Congress voted to raise or suspend the debt limit three times as they added nearly $8 trillion to the national debt.
When Trump took office as president on Jan. 20, 2017, the total national debt was $19,947,304,555,212.49, but American taxpayers owed $27,751,896,236,414.77 when he left the White House on Jan. 20, 2021.
That $7.8 trillion increase is roughly a quarter of the entire national debt, which was doubled by President Ronald Reagan and tripled by President George H.W. Bush, both Republicans.
After Democratic President Bill Clinton tamed the federal government’s deficit spending and signed into law the first balanced budget since 1969, Republican President George W. Bush, Jr., added $6.1 trillion to the nation’s debt, the second-largest amount in dollars. The post-9/11 Bush Republicans took our national debt from $5.8 trillion in 2001 to $11.9 trillion in 2009, a 105% percent increase.
The federal deficit differs from the national debt in that the deficit is the difference between revenue and spending in a single year, whereas the national debt is the total amount of unpaid borrowed funds carried by the federal government.
The nonpartisan Congressional Budget Office (CBO) released its 2022 Long-Term Budget Outlook, projecting yet again a grim fiscal outlook for future generations. Absent any remedial action by Congress, by 2052 our debt to GDP ratio will be 185 percent and the cost of net interest will quadruple, from 1.6 to 7.2 percent of GDP.
The CBO projected that the “Inflation Reduction Act (IRA)” will reduce federal budget deficits by up to $300 billion over the coming 10 years, but every Republican voted against the Biden plan
During the 1950s, America’s top tax rate was 90% and the economy was booming! The idea that lower taxes on the rich would ‘trickle down’ is a scam that left Americans with a $32 trillion national debt & millions of people who can’t afford a $500 emergency.
Half of Americans are also mired in personal debt and most of America’s shrinking middle class are working people in the first US generation that is not living a better life than their parents.
Republicans have also failed to do anything to save the Social Security and Medicare programs from insolvency, a sin of which some Democrats are also guilty.
Rather than phasing out the programs, increasing retirement eligibility ages, or cutting benefits, liberal Democrats have proposed to ‘scrap the cap’ or make the wealthy liable for the same payroll tax rate as everyone else who contributes to sustaining those programs.
Sen. Rick Scott issued a plan that would require all legislation — including that relating to popular programs, such as Social Security and Medicare — to be passed every five years to stay on the books.
In his State of the Union address, Biden did not call out Scott by name, but there was no real doubt who he was talking about when he said some Republicans want Medicare and Social Security to sunset.
Balloonatics are raging about the administration’s response to a Chinese spy device that floated over populated areas before Pentagon officials carried out Biden’s order to shoot the thing down while they cower from standing up against Russian aggression and oppose military aid to Ukraine.
Republicans hoping to undermine the value of US dollars by failing to pay the nation’s bills are no friend of ordinary Americans and GOP terrorists who tried to overthrow democracy after the last presidential election are not patriots.
These antics have been richly rewarded by American voters time and time again, effectively preventing the foundational problems to be resolved before responsible administrations get ejected in favor of those who created and perpetuate the misery for millions of working middle-class citizens.
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