With the Presidential election less than three months away, the American people have a right to know which party not only represents the largest threat for federal spending but also holds the record for increases in federal spending. And that party is the republican party but you will not hear it from the party, the general news media or the republican leaders themselves. So the following information is food for thought on the subject matter.
Republican President Ronald Reagan was the first President to hit a trillion dollar spending budget for fiscal year that ended 9/30/87. It took the country 198 years to hit that spending number. (budget numbers for the U.S. government started being published in 1789) Republican President George W. Bush was the first President to preside over the first two trillion dollar spending budget in fiscal year 9/30/02. It took 15 years to go from a $1 trillion spending budget to a $2 trillion dollar spending budget. That same President Bush was the first President to preside over a $3 trillion spending budget in fiscal 9/30/09. It took Bush only 7 years to go from a $2 trillion spending budget to a $3 trillion spending budget. Republican President Donald Trump was the first President to preside over a $4 trillion spending budget in fiscal 9/30/18. And the numbers suggest that before Trump's last fiscal year ends on 9/30/21 he will be the first President to preside over a $5 trillion spending budget and possibly a $6 trillion spending budget.
Ronald Reagan was elected to office and claimed that the democratic party represented the big spending party so lets look at the spending numbers of Reagan and those who followed.
Total federal spending at the end of Reagan's first 4 fiscal years increased 50% over the last 4 and only fiscal years of President Carter. Total federal spending in Reagan's last 4 fiscal years increased 25% over his first 4 years for a total increase in federal spending of 75% in Reagan's eight fiscal years.
Total federal spending at the end of President George H.W. Bush first and only 4 fiscal years increased 28% over Reagan's last 4 fiscal years.
Total federal spending at the end of President Bill Clinton's first 4 fiscal years increased 14% over George H. W. Bush last 4 years. Total federal spending in Clinton's last 4 fiscal years increased 14% over his first 4 fiscal years for a total increase of 28% in his 8 fiscal years.
Total federal spending at the end of President George W. Bush first 4 fiscal years increased 28% over President Clinton's last 4 years. Total federal spending in Bush's last 4 fiscal years increased 33% over his first 4 years for a total increase of 61% for his 8 fiscal years.
Total federal spending at the end of President Obama's first 4 fiscal years was 18% over the last 4 years of President Bush and total federal spending in Obama's second 4fiscal years increased 7% over his first 4 fiscal years for a total increase of 25% for his 8 fiscal years.
President Trump has yet to complete his term in office but so far total federal spending in his first two fiscal years exceeds that of Obama's last 4 fiscal years.
The facts and numbers show that the democratic party of Bill Clinton and Barrack Obama were much better at controlling federal spending than the four republican administrations above and by a wide margin. And that Reagan and the republican's claim was "fake news" long before Trump adopted the term to mask his corruption. Also, there were no economic recessions that began on Clinton or Obama's watch. But all four republican Presidents presided over an economic recession that took place on their watch. And take a guess at what administrations cut taxes for the wealthy and corporate America and promised those tax cuts would increase federal revenue and balance the budget?
Democratic increase in spending produced a better economy and everything that goes with it because they have policy and plans that address the issues. Republicans spend more, have more recessions and are terrible at creating jobs, balancing the budget, reducing deficit spending but are great at creating federal debt. Does any one really believe that the Reagan, Bush 43 and Trump tax cuts served the country and its people well? There is a saying in baseball, three strikes and your out. That should be a political lesson in economics.
Note 1: Numbers used above taken from official reports by the Congressional Budget Office and the Office of Management and Budget who keep the records of the federal government.
Note 2: The CBO and OM&B lists federal spending as Outlays in their reports.
This commentary written by Joe Lorio
