Desierto norte de Chile

Friday, July 29, 2011

Who's to blame for this $14 trillion debt?

A very interesting graphic from the NY Times showing what debt accumulated under which presidents. Of the $13 trillion debt incurred since 1980, 30% was accumulated under Democratic presidents (Clinton and Obama) and 70% under Republican presidents (Reagan, Bush, and Bush). That ratio isn't askew, though, because you'll note that Democratic presidents have been in office 10 out of those 30 yrs, indicating that each party is contributing equally to debt. However, this makes me wonder why Republicans are so hell-bent on the austerity measures now, in 2011. Where in the heck have they been since 1980? Only voting in (and/or signing) 70% of the nation's national debt, that's where. What the heck has changed in 2011, that was different from 2005 or 1985? Is it that the country is *worse* off now than then? That we're fighting 2 foreign wars? Economic growth is critical to job creation - quite important to the ~10% of unemployed folk out there now. So the idea is to slice some of the spending that currently contributes to 39% of our country's GDP? (Did any of you realize that nearly 40% of this country's economy is government spending? 40%!! That's a shocking number to me, and I consider myself well-informed). Anyway, we'll see how the next 72 hrs shake out, but in my opinion the attitude down Hwy50 is vitriolic not patriotic, me- or party-first not country-first. And that goes for all 535 of them.

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