Take a look at this table that I found over at Angry Bear.
In particular, look at the fourth column, "annualilzed growth rate". This column is the growth rate of the deficit during the president's term. Here is what it says:
Leading the charge with an annualized deficit growth rate of 11.83% is GW Bush, the Number 1 debt creator. What is Bush? He is a republican.
Coming in at Number 2, with an annualized deficit growth rate of 9.50% is the GOP GOD Reagan. What is Reagan? He is a republican.
Number 3 greatest annualized deficit creator with a growth rate of 8.76% is Ford. What is Ford? He is a republican.
OK, what about Number 4. Number 4 best annualized deficit creator with a growth rate of 7.74% is Obama. What is Obama. He is a Democrat. But remember, Obama has been president for less than two years and he inherited a massive budget deficit from Bush which he has reduced, and he inherited an economy is collapse. Even given these two facts, he is only number 4. There are three republicans who did much better than he has done in creating debt.
Let's move on to Number 5. Number 5 on the list with an annualized deficit growth rate of 7.22% is GHW Bush, father of GW Bush. What is GHW Bush? He is a republican. At least Bush Jr. was able to beat his father at something. He was a better deficit creator than the old man, and he did it for twice as long. Let's give him a rousing raspberry.
These are the five champions. Four republicans and one Democrat. The republicans have a total of 23 years in the presidency. The Democrat less than 2 years. The republicans clearly beat the Democrats on deficit creation.
And one other thing to note. Who did the best job in reducing the deficit? Jimmy Carter, the president that the republicans love to malign. Well, I guess when you are the greatest deficit creators in the nation, you are going to try to disparage anyone who reduces the deficit at an annualized rate of 1.02%.
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...and your point is?
ReplyDeleteSee, Republican debt is "different" than Democratic debt.
It is world dominating, corporation building, satisfying rich people debt.
Democratic debt is for the poor and unemployed....its more like the costs for cleaning up a party that you were not invited to kind of debt.
great post Jerry, and I love Tao's comment too.
ReplyDeleteOh, OK, TAO. Let me see if I've got this straight. Let's say I am a rich guy. Debt is OK if it is created by giving me tax cuts, loopholes, and outrageous no bid contracts so that I can make more money, build factories overseas, ship jobs overseas, and stash money in offshore accounts. But debt is bad when instead of giving me the money, you give it to ungrateful, poor, hungry, sick, and jobless people because that makes is harder for me to exploit them.
ReplyDeleteWell done, Jerry! Republicans are also much better than Democrats at one other thing, too: LYING. Through their teeth. Constantly!
ReplyDeleteJerry...
ReplyDeleteThat is pretty much it! Debt that allows me to create more wealth for myself and generate a higher return than what my tax rate is is great...
That actually makes living in the US an investment decision...
Debt that is created for the benefit of others, of which I get no benefit and no return is bad...
That makes debt an expense.
Republicans have always picked their own worst faults and accused Democrats of having those faults.
ReplyDeleteYou are so right, TomCat. If you want to know what republicans are up to just look at what they are accusing the Democrats of doing.
ReplyDeleteThen they sit back and watch the press fight over whether Democrats are doing it, while nobody mentions the Republicans.
ReplyDelete