Both Varney and his editorial published in the Times Picayune Reflection section of 12/7/14 titled, "Republicans need to show they can stop over-spending" are full of it. Varney does not know the difference between a calender year and the federal government's fiscal year which begins October 1 and ends September 30. The Congressional Budget Office and the U.S. Treasury publish the official numbers of the federal government on that fiscal year basis. That means the President's budget which is submitted to congress adhears to that schedule which means the last fiscal year of a President ends and overlaps the first 9 months of the new President.
Varney attempts to make the phony case that the national debt has risen 70% on President Obama's watch by calculating the national debt when Obama took office. Bush's last fiscal year budget was still in effect when Obama took office and ran to Bush's last fiscal year which ended 9 monts later on 9/30/09.In other words Varney passes what was Bush's debt to Obama. The only way to measure the fiscal success or failure of a President's administration is on a fiscal basis as the Congressional Budget Office does that is available on the internet. Ditto the U.S. Treasury for the national debt. So lets compare the real numbers concerning the national debt from the records of the Treasury Department concerning Presidential Administrations.
At the end of President Carters last fiscal year 9/30/81 the national debt stood at $999 Billion. (yes that is billions) Ronald Reagan followed Carter and at the end of Reagans last fiscal year 9/29/89 the national debt stood at a whopping $2.8 trillion. (yes you read that right trillions) which was an increase of 186% in the national debt. A record that still stands.
George H.W. Bush followed Reagan and at the end of his last fiscal year 9/30/93 the national debt stood at $4.4 trillion. An increase of 54% in the national debt.
Bill Clinton followed Bush 41 and at the end of his last fiscal year 9/30/01 the national debt stood at $5.8 trillion. An increase of 31% in the national debt.
George W. Bush followed Clinton and at the end of his last fiscal year 9/30/09 the national debt stood at a whopping $11.9 trillion. An increase of 105% in the national debt.
Barack Obama followed Bush 43 and at the end of his fifth fiscal year 9/30/14 the national debt stood at $17.8 trillion. An increase of 49% in the national debt.
The official numbers show that the largest increase in the national debt occured during the fiscal years of Reagan, Bush 41 and Bush 43 by far. Obama's eight fiscal years are not up yet but it is safe to say when his last fiscal year ends the increase in the national debt will not be as great as it was under Reagan or Bush 43 and those two Presidents did not take office with the worst economic depression in 60 years and the record job losses that the Bush administration passed on. That makes Obama's numbers look even better. Democratic administrations also do a better job at controlling federal spending.
The real sad story of the national debt is that had Reagan, Bush 41 and Bush 43 balanced the federal budget like Clinton did the national debt would not be a problem as we speak. Varney's editorial was silent on the Republican's role in creating debt because that party leads the pack in doing so. The massive increase in the national debt under Reagan 186% and under Bush 43 105% was and still is a dagger to the heart of the federal government's fiscal house.
A President's policies are what controlsbalanced budgets, federal spending, the national debt and fiscal matters. Fortunately Democratic Presidents have done much more for the country and its people in that regard and yes in the last 34 years the smallest increases in federal spending took place on President's Clinton and Obama's watch.
Conservative Republican Presidents: Not in your lifetime. That really says it all.
Note 1: See my commentary titled, "The National Debt: Betrayal and Devastation" dated 12/6/09
Note 2: ditto titled "Federal Spending: Facts vs. Myth" dated 10/31/09
This commentary written by John Lucia.
