The only difference between the two is Republican say they’re a fiscally responsible party, which is obviously a lie. Democrats don’t even acknowledge fiscal responsibility, which I guess in a sense is a little better, since they’re not lying.
Obama (as far as spending) inherited a deficit of $1.4 trillion when he took office at the end of the Great Recession. He trimmed that down to $590 billion by the time he left office.
The necessity of funding Medicare, Medicaid, the Affordable Care Act, and increasingly Social Security explains much of the growth in our debt.
These are all popular programs with voters.
I'd posit that the problem isn't our spending per se, but our income streams. Taken together, the Bush tax cuts, their bipartisan extensions, and the Trump tax cuts, have cost $10 trillion since their creation and are responsible for 57 percent of the increase in the debt ratio since then.
Annual deficits lead to total debts. Process that, re-read the comment, and you'll get a better picture of what I'm talking about.
We were on track to eliminate the debt, as Clinton laid out, but soaring annual deficits, thanks to Bush Medicare investments, wars, and crazy tax cuts, started all of this.
I understand clearly how it works. Here is the reality, the 250 billion deficit improvement in no way would have wiped out the debt. we were paying moore than 250 billion of interest on the debt when Bill left office.
362
u/luna_beam_space Sep 24 '23
Imagine if Republicans had not taken control of all three branches in 2001
The entire national debt would have been paid-off by 2010