Changes in Debt By Political Affiliation
The President proposes the budget for the government to the US Congress. Congress may change the budget, but it rarely appropriates more than what the President requests.
Economist Mike Kimel notes that the former Democratic Presidents (Bill Clinton, Jimmy Carter, Lyndon B. Johnson, John F. Kennedy, and Harry S. Truman) all reduced public debt as a share of GDP while the last four Republican Presidents (George W. Bush, George H. W. Bush, Ronald Reagan, and Gerald Ford) all oversaw an increase in the country's indebtedness. Economic historian J. Bradford DeLong, former Clinton Treasury Department official, observes a contrast not so much between Republicans and Democrats, but between Democrats and "old-style Republicans (Eisenhower and Nixon)" on one hand (decreasing debt), and "new-style Republicans" on the other (increasing debt). David Stockman, director of the Office of Management and Budget under President Ronald Reagan, as op-ed contributor to the New York Times, blamed the "ideological tax-cutters" of the Reagan administration for the increase of national debt during the 1980s. Bruce Bartlett, former domestic policy adviser to President Ronald Reagan and Treasury official under President George H.W. Bush, attributes the increase in the national debt since the 1980s to the policy of "starve the beast". While noting that George H.W. Bush's budget deal was one of the reasons for improvement in fiscal situation in 1990s and ultimately for budget surplus, Bartlett is highly critical of George W. Bush for creating budget deficits by reducing taxes and increasing spending.
Read more about this topic: History Of The United States Public Debt
Famous quotes containing the words debt, political and/or affiliation:
“Even the poor student studies and is taught only political economy, while that economy of living which is synonymous with philosophy is not even sincerely professed in our colleges. The consequence is, that while he is reading Adam Smith, Ricardo, and Say, he runs his father in debt irretrievably.”
—Henry David Thoreau (1817–1862)
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—Herman Melville (1819–1891)
“Men seem more bound to the wheel of success than women do. That women are trained to get satisfaction from affiliation rather than achievement has tended to keep them from great achievement. But it has also freed them from unreasonable expectations about the satisfactions that professional achievement brings.”
—Phyllis Rose (b. 1942)