What The Reagan/Bush Debt Means To You?
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Surfing The far side of THE Sombrero Galaxy Posts: 18,200
As I write this, the US national debt is about $9.17 TRILLION dollars. This debt is the amount we have borrowed to pay for our government since the Reagan tax cuts - compounded by the Bush tax cuts. This is because of a choice we made - yes I say WE, because this government is US - to borrow and pay later instead of pay now.
What The Reagan/Bush Debt Means To You
There's going to be hell to pay by the everyday citizens while the rich skate free protected by this administration. That is with the massive tax cuts created for them.
How do WE dig out of this hole??
Peace
*We CAN bomb the World to pieces, but we CAN'T bomb it into PEACE*...Michael Franti
*MUSIC IS the expression of EMOTION.....and that POLITICS IS merely the DECOY of PERCEPTION*
.....song_Music & Politics....Michael Franti
*The scientists of today think deeply instead of clearly. One must be sane to think clearly, but one can think deeply and be quite INSANE*....Nikola Tesla(a man who shaped our world of electricity with his futuristic inventions)
*MUSIC IS the expression of EMOTION.....and that POLITICS IS merely the DECOY of PERCEPTION*
.....song_Music & Politics....Michael Franti
*The scientists of today think deeply instead of clearly. One must be sane to think clearly, but one can think deeply and be quite INSANE*....Nikola Tesla(a man who shaped our world of electricity with his futuristic inventions)
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I don't know if i would lump Reagan into this. Didn't Clinton get us out of debt?
I would lay this all on Bush.
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This does not include the money owed by states, corporations, or individuals, nor does it include the money owed to Social Security beneficiaries in the future. If money borrowed from the Social Security Trust Fund is included, as well as borrowings from other accounts already funded by US taxpayers, the debt figure rises to over $9 trillion.[2]In 2005 the public debt was 64.7% of GDP According to the CIA's World Factbook, this meant that the U.S. public debt was the 35th largest in the world by percentage of GDP.[3][4]
The Bureau of the Public Debt, a division of the United States Treasury Department, calculates the amount of money owed by the national government on a daily basis.
Tracking current levels of debt is a complex but rather straightforward process. Making future projections is much more difficult for a number of reasons. For example, before the 9/11 attacks the Bush Administration projected that there would be a $1.288 trillion surplus from 2001 through 2004 in the 2002 U.S. Budget. In the 2005 Mid-Session Review, however, this had changed to a projected deficit of $850 billion, a swing of $2.138 trillion. Table 7 in this latter document states that 49% of this swing was due to "economic and technical re-estimates", 29% was due to "tax relief", and the remaining 22% was due to "war, homeland, and other enacted legislation". Reasons for the inaccuracy of future projections include economic growth being different than projected and changes in fiscal policy (tax cut and War on Terror)."
from wikipedia.
Year to
30 September U.S. Govt Debt
US$ billions[31]
1910 2.6
1920 25.9
1930 16.2
1940 43.0
1950 257.4
1960 290.2
1970 389.2
1980 930.2
1990 3,233.3
2000 5,674.2
2005 7,932.7
2006 8,507.0
2007 9,007.7
And 2005 midsession review: http://www.cbpp.org/7-30-04bud.htm - 98k
The Bureau of the Public Debt compiles the debt information here: http://www.treasurydirect.gov/govt/reports/pd/feddebt/feddebt_daily.htm
And all this means: President Bush and congress are equally responsible for the decline of america from a world leader to a third class debtor nation. I suggest Seppuku.
Reagan? The Thatcher/Reager era was a miserable period in US/world history. They went gung-ho down the neo-liberal path, giving billions to already very wealthy corporations. I dont' have the figures but it was extreme. Remember star wars?
1990 3,233.3
We need to see one of those debt counselors... real bad.
Hail, Hail!!!
Democrats are tax and get us out of the mess.
Well... the way I see it... if you don't gots the moneys... you don't buys the shit.
Isn't that what everyone says? Isn't that part of what the whole 'Personal Responsibility' thing is all about?
For example: How come it's okay for a country to have a trillion dollar war without funding it... but, it's not okay for an American to take out a $500,000.00 mortgage loan on a $20,000.00 salary? if you want a war... tax us for it... just as if yiu want a house... save up for it.
Hail, Hail!!!
What I was saying was that the National Debt we have today has more to do with Bush since Clinton was able to erase the National Debt. Again, I could be wrong but if my memory serves me correct I think he did do this.
Also, I would not call the Reagan era miserable. Our country prospered during that time and the economy and jobs were pretty stable.
I think history will look back on the spending that was done as necessary to bring an end to the "Cold War" without having to fire a shot.
Pensacola '94
New Orleans '95
Birmingham '98
New Orleans '00
New Orleans '03
Tampa '08
New Orleans '10 - Jazzfest
New Orleans '16 - Jazzfest
Fenway Park '18
St. Louis '22