Posted on July 17, 2011 at 11:29 AM in Economy, Politics, U.S. News | RSS feed | Reply | Trackback URL
U.S. National Debt Facts or One of Many Inconvenient (for conservatives) Truths
One Comment to “U.S. National Debt Facts or One of Many Inconvenient (for conservatives) Truths”
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You should always look at debt as a percentage of GDP. Reagan and the two Bush presidencies indeed increased national debt (although they did not triple/ double it). But unlike former democratic presidents, Obama continues to raise federal debt.
The much deeper problem is that politicians usually have no interest in reducing spending. They are in fact elected to grant special interests. Thereby, Republicans tend to focus on oil companies and the arms industry. Obama’s campaign was supported by banks and various other lobbyists who now demand their payback.
Without a constitutional limit on debt and spending, you will see national debt increase. Whether the president is blue or red.
