Both Parties To Blame For National Debt
The Treasury Department said the US will reach the debt limit (again!) on Jan. 19. So, before all the finger pointing by party leadership, let’s establish the basic truth: Overspending is not a political party problem. Both Democrats and Republicans have a long history of raising the national debt to what is again going to be a crisis to be politicized and left unsolved. First the history of debt increases by percent increase.
Top Five Increases by Percentage Increase:
1st Largest: 1,048% increase – Roosevelt (1933-1945). Added $236 billion to the existing $22.5 billion
2nd Largest: 723% increase – Woodrow Wilson (1913-1921). Added $21 billion to the existing $2.9 billion
3rd Largest: 186% increase – Ronald Reagan (1981-1989). Added $1.86 trillion
4th Largest: 101% increase – George W. Bush (2001-2009). Added $5.85 trillion
5th Largest: 74% increase – Barack Obama (2009-2017). Added $8.6 trillion
Other Big Adds to Deficit in Recent Years:
Trump – added $2.5 trillion pre-pandemic and $5.7 trillion post pandemic
Biden – added $2.4 trillion since taking office.
Total national debt limit is $31.4 trillion dollars for a nation that takes in $4.64 trillion or ~ 7x revenue. Not sure the US could be approved for a mortgage to purchase a house with that debt-to-income ratio.
I am not sure when the debt become a real crisis for us given the state of the overall global economy, but clearly we need solutions other than saying it is a liberal or conservative problem. It is an American problem. The only opinion I have to share in light of these facts is: 1) Using national debt limit and threat of US default is not a solution but would only cause great calamity across the already struggling global economy. 2) We need to start making changes today. And since both parties participated in the problem both should sacrifice their principles with both an increase in tax income and a reduction in entitlement spending. (Omnibus spending is but a very small fraction of the problem regardless of opinion expressed in the recent letter to the editor that had significant math errors.)
We need leaders, not political warriors to solve this issue before it becomes a problem too big to solve.