After President Reagan effectively tripled our national debt - from $950 billion to $2.7 trillion - the now infamous debt clock was erected in 1989. Because it was not designed to run backwards, and with budget surpluses in 2000, the clock was unplugged.
By 2001 Congressional Budget Office projections told us that the national debt would be paid off within 10 years.
Unfortunately, with President Bush pushing one unfunded initiative after another, the debt clock was turned back on in July of 2002. The debt clock ran out of digits in 2008 when our national debt hit $10 trillion.
I provide this brief history of our debt clock because it really brings life to this GOP convention floor picture ...
To help us understand how the GOP "built it," the Washington Monthly's Steve Brenen takes us on a debt stroll down memory lane (hat tip to Linda for finding this) ...
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So, yeah, when it comes to the debt clock and the conditions for our bloated national debt, the GOP really did kind of build that.
- Mark
UPDATE: This Jon Stewart clip - "A Human Being Who Built That" - nails it. Too funny ...
By 2001 Congressional Budget Office projections told us that the national debt would be paid off within 10 years.
Unfortunately, with President Bush pushing one unfunded initiative after another, the debt clock was turned back on in July of 2002. The debt clock ran out of digits in 2008 when our national debt hit $10 trillion.
I provide this brief history of our debt clock because it really brings life to this GOP convention floor picture ...
To help us understand how the GOP "built it," the Washington Monthly's Steve Brenen takes us on a debt stroll down memory lane (hat tip to Linda for finding this) ...
******************
1980: Ronald Reagan runs for president, promising a balanced budget
1981 - 1989: With support from congressional Republicans, Reagan runs enormous deficits, adds $2 trillion to the debt.
1993: Bill Clinton passes economic plan that lowers deficit, gets zero votes from congressional Republicans.
1998: U.S. deficit disappears for the first time in three decades. Debt clock is unplugged.
2000: George W. Bush runs for president, promising to maintain a balanced budget.
2001: CBO shows the United States is on track to pay off the entirety of its national debt within a decade.
2001 - 2009: With support from congressional Republicans, Bush runs enormous deficits, adds nearly $5 trillion to the debt.
2002: Dick Cheney declares, “Deficits don’t matter.” Congressional Republicans agree, approving tax cuts, two wars, and Medicare expansion without even trying to pay for them.
2009: Barack Obama inherits $1.3 trillion deficit from Bush; Republicans immediately condemn Obama’s fiscal irresponsibility.
2009: Congressional Democrats unveil several domestic policy initiatives — including health care reform, cap and trade, DREAM Act — which would lower the deficit. GOP opposes all of them, while continuing to push for deficit reduction.
September 2010: In Obama’s first fiscal year, the deficit shrinks by $122 billion. Republicans again condemn Obama’s fiscal irresponsibility.
October 2010: S&P endorses the nation’s AAA rating with a stable outlook, saying the United States looks to be in solid fiscal shape for the foreseeable future.
November 2010: Republicans win a U.S. House majority, citing the need for fiscal responsibility.
December 2010: Congressional Republicans demand extension of Bush tax cuts, relying entirely on deficit financing. GOP continues to accuse Obama of fiscal irresponsibility.
March 2011: Congressional Republicans declare intention to hold full faith and credit of the United States hostage — a move without precedent in American history — until massive debt-reduction plan is approved.
July 2011: Obama offers Republicans a $4 trillion debt-reduction deal. GOP refuses, pushes debt-ceiling standoff until the last possible day, rattling international markets.
August 2011: S&P downgrades U.S. debt, citing GOP refusal to consider new revenues. Republicans rejoice and blame Obama for fiscal irresponsibility.
******************
So, yeah, when it comes to the debt clock and the conditions for our bloated national debt, the GOP really did kind of build that.
- Mark
UPDATE: This Jon Stewart clip - "A Human Being Who Built That" - nails it. Too funny ...
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