Simple Economic Facts
Before Ronald Reagan, other countries owed us money. Our national debt was internal, that is, our goverrnment bonds were purchased by U.S. citizens and American corporations based here. In his eight year presidency, Reagan increased the national debt by 188% from 0.93 trillion to 2.68 trillion dollars (1.75 trillion). We had to borrow more and more from foreign interests, and as a result, we became a debtor nation.
In sharp contrast, during his eight year presidency, Bill Clinton only increased the national debt by 36% from 4.18 trillion to 5.66 trillion dollars (1.48 trillion). During his final year in office he actually reduced the debt, and he passed on a budget surplus to his successor. (The last previous president to achieve this was Lyndon Johnson.)
Unfortunately, George W. Bush squandered this potential surplus on tax-cuts and the war in Iraq (which was unjustified and counter-productive, and has cost at least $1 trillion so far). Thus, instead of gradually paying-down the debt, he increased the national debt by 89% from 5.66 trillion to 10.70 trillion dollars (4.04 trillion) during his eight years as president. When he left office we were in the Great Recession. More than 4 million jobs were lost during his last year in office. Just before leaving office he spent more than $200 billion on big-bank bail-outs.
In order to prevent further economic collapse, Barack Obama spent about $800 billion on economic stimulus. A year later jobs were being added, and more than 4 million have been added in the last two years of continuous job growth. Meanwhile, the continuation of the Bush tax cuts for the richest 5% costs more than $70 billion each year.
The facts are clear: Don’t blame the Democrats for America’s financial trouble, the fiscally irresponsible Republicans are at fault!
The Republicans complain that President Obama is “not creating jobs”. The graph below clearly shows that he has done far better than Republicans George W. Bush, George Bush Sr., and Gerald Ford. His fellow Democrats Jimmy Carter and Bill Clinton did as well (or better) than Ronald Reagan.
If we want job growth, we need to stick with the Democrat, Barack Obama!
Mitt Romney wants to return to George W. Bush's policies. The two graphs below clearly illustrate whose policies are most beneficial to the U.S. Economy and American Jobs!
------George W. Bush ------||------Barack Obama ------>
<------George W. Bush ------||------Barack Obama ------>