Most reasonable people would agree that 20 years is enough time to put one's fiscal house in order and develop a real broad based economic plan that puts the country on a solid economic foundation. Yet Ronald Reagan, Bush 41, and Bush 43 were given that amount of time but failed this country and its people big time.
The Republicans are caught in a time warp. They still talk of Reagan reducing spending when in fact he accomplished the opposite. John McCain talks about reducing spending on the campaign trail, yet he was part of the Republicans who controlled Congress and rubber stamped Bush's massive increase in deficit spending and debt year after year. These people out right lie. Lets look at what this massive spending and debt has cost our country and taxpayers.
The National Debt from when Reagan took office to February 22, 2008 increased $8.956 trillion. That includes the $660 billion projected additional debt that Bush will produce in fiscal years '08 and '09. 84.5% ($7.564 trillion) of this debt was the result of deficit spending by Reagan and both Bushes.
Interest that the federal government has had to pay on the debt since Reagan took office through fiscal 2007 was $7.261 trillion. That is wasted taxpayers money that could have been used for needed programs and to extend social security, medicare, provide universal healthcare, etc. If those three Republican presidents would have balanced the budget and created surpluses as Bill Clinton did, this country would be in much better shape today. Clinton did it after the 12 year fiscal disaster of Reagan-Bush and paid down $453 billion of debt.
Had Bush 43 followed Clinton's fiscal discipline, the national debt would have been paid off. But his deficit spending not only blew the $5.6 trillion projected surplus, he denied the country and its people an avenue to increase the quality of life, and fund needed programs. The following is just one example how debt has eaten away at our ability to pay for these programs.
Medicare cost the federal government $437 billion in 2007. General revenues financed $179 billion or 41%. Dedicated taxes and premiums paid the balance, $258 billion. The Secretary of Health and Human Services said that by the year 2013, general revenue will go up to 45.1%. Since this is the most recent medicare cost lets use this as a measure of what the federal government could do if it was not for the massive debt Regan, Bush 41, and Bush 43 added to.
Interest paid on the national debt for fiscal 2007 was $429.9 billion. Interest paid for fiscal 2006 was $405.8 billion. Yea, you read right. That is almost a total of one trillion dollars of interest paid in only a two year period---wasted money. That $835.7 billion of interest paid that could have extended medicare 4-1/2 years. Then when you consider all of the money paid in interest that was required by this massive debt, it comes to $7.261 trillion since Reagan took office. Interest paid on the national debt during president Carter's 4 years was a total of $219 billion. That should knock your socks off. Thats $7.261 trillion in interest paid on the national debt because of deficit spending that did not go to educate our children or to pay for other needed programs.
Interest paid to finance our debt is the fastest growing part of the federal budget and much of that interest is paid to foreign debt holders and is taken out of the United States. (source: U.S. Department of the Treasury, Bureau of Public Debt.) Those Republican presidents liked to talk about the cost of social security and medicare (which are solvent), but have you ever heard them talk about the interest paid on the debt that they created because of their reckless fiscal policies?
It is past time for the American people to wake up to the Republican's scheme. The federal government has the ability to pay for needed programs and services that are required if only our presidents were fiscally responsible and balanced the budgets. No more excuses. And if there is really any true conservatives out there, get your head out of the sand before it is too late. A presidential election will be held in 9 months. If the people blow this one, our country may never recover.
Footnote: It is hard to believe that not one question has been asked about this massive debt to any of the presidential candidates in any of the debates.
Final Conclusion: President Clinton's fiscal and economic policies put America and its people first. Conservative Republican Presidents, Reagan, Bush 41, and Bush 43, put America and its people last with their warped ideology.
