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Forum Post: Changes in debt by political affiliation (not too big of a surprise)

Posted 2 years ago on Feb. 8, 2012, 4:03 p.m. EST by Underdog (2971) from Clermont, FL
This content is user submitted and not an official statement

Below excerpt is from Wikipedia - History of the United States public debt

Economist Mike Kimel notes that the five former Democratic Presidents (Bill Clinton, Jimmy Carter, Lyndon B. Johnson, John F. Kennedy, and Harry S. Truman) all reduced public debt as a share of GDP, while the last four Republican Presidents (George W. Bush, George H. W. Bush, Ronald Reagan, and Gerald Ford) all oversaw an increase in the country’s indebtedness.  Economic historian J. Bradford DeLong, former Clinton Treasury Department official, observes a contrast not so much between Republicans and Democrats, but between Democrats and "old-style Republicans (Eisenhower and Nixon)" on one hand (decreasing debt), and "new-style Republicans" on the other (increasing debt).  David Stockman, director of the Office of Management and Budget under President Ronald Reagan, as op-ed contributor to the New York Times, blamed the "ideological tax-cutters" of the Reagan administration for the increase of national debt during the 1980s.

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3 Comments


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[-] 1 points by EndTheFED (65) 2 years ago

Dude wiki is not scholar anyone can right anything... what it says doesn't mean anything

[-] 1 points by Underdog (2971) from Clermont, FL 2 years ago

I try to keep an open mind. If you can provide hard data from "scholarly" sources, and I can comprehend it, and it makes sense to me, I am open to changing my mind and printing a retraction.

I access Wikipedia primarily because it is a collaborative effort. Therefore it is, over time, self-correcting. It is also widely known and accessed by millions every day and, therefore, provides a common source for discussion on these forums. I am aware of its limitations, but do not believe that, in general, those limitations are severe enough to "shed darkness instead of light". It is a good general-purpose encyclopedia that can form the basis for discussion. If the accuracy of its assertions is challenged, additional research from other independent sources can be pursued should one wish to take the time to do so. I view and use Wikipedia as a starting point for discussion, that is all.

[-] 1 points by Listof40 (233) 2 years ago

All the tax cutting and misdirection of wealth, causes a lot of problems in the economy, that is for sure... the ideals of good government are being undermined by influences representing questionable interests...

The influences in the system, and how political parties are operated and run is not helping the public...