Debt – The Myth

Republicans are always trying to maintain the image that they are better managers of the economy than democrats. The words, tax and spend democrats, have been part of Republican vocabulary for years. Perhaps we should look at the actual facts when it comes to government spending and the debt. In particular, let’s look at which Presidents added to the debt (and by how much). Most can remember that Reagan steamrolled Carter and was elected, in part, because of the debt incurred during the Carter administration. When Carter took office, he inherited a debt of $653,544 billion dollars. During his four years in office, the debt rose to $930,210 billion dollars, a 42% increase with an annual average of 10.6%. At the end of Reagan’s first year in office, the debt had risen 11% to $1,028,729 trillion dollars. At the end of Reagan’s eight years, the debt increased 189%, an average of 23.6% a year, and had risen to $2,684,382 trillion dollars. Bush 41 managed an annual debt increase 13.9% over his four year stint that , in total, rose 55.6% to $4,177,090 trillion dollars. Over the eight years of Clinton, the annual debt increase fell to 4.4% with a total percentage of debt increase of 36% and a total debt of $5,662,216 trillion dollars. Bush 43 had an annual average increase of 11.1% going from $5,662,216 trillion to $10,699,805 trillion dollars or an increase of 89% (second to Reagan’s 189% increase). Obama ended his first year in office with a debt of 12,311,350 trillion, an increase of 15% and by the end of the third year into his term in office the debt had risen to $15,126,899 trillion dollars or by 41%. In summary, Republican Presidents increased the debt by 189%, 55.6%, and 89%, an average of 111.2% while Democrat Presidents increased debt by 42%, 36%, and 41% or 39.66% and 71.5% less than Republicans. Another myth busted!