Quote:
Originally Posted by SpeedRacerXXX
THe inflation rate is predicted to return to "normal" levels soon. 2.4% in early 2024. In 2008 my retirement investments took a major hit and quickly recovered in the next year. I expect the stock market to recover. Mortgage rates in the 1980s were double digits. I remember when 6-7% was the norm. They were 6% in 2003. We have been spoiled in the 2010s and 2020s. The "progressive agenda" has had no impact on the ability of a person to attend college. And the increase in the national debt was in control when Bill Clinton was in office. Bush increased it by 105%. The increases under both Obama and Trump were huge. $8.34 trillion in 8 years under Obama and $8.2 trillion under Trump in only 4 years. Of course, Trump had to deal with the Coronavirus. And Biden has increased the deficit by $1.8 trillion thus far.
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Conflating the deficit with the debt....that's not very honest.
In 1981 (the first Reagan budget), the national debt was 998 billion dollars which was about 31% of the GDP.
In 1989 (the first Bush budget), the national debt was 2.857 trillion dollars, which was 51% of the GDP, and an increase over eight years of 286%.
In 1993 (the first Clinton budget), the national debt was 4.411 trillion dollars, which was 63% of the GDP, and an increase over four years of 154%.
In 2001 (the first Bush budget), the national debt was 5.507 trillion dollars, which was 55% of the GDP, and an increase over eight years of 125%.
In 2009 (the first Obama budget), the national debt was 11.910 trillion dollars, which was 82% of GDP, and an increase over eight years of 216%.
In 2017 (the first Trump budget), the national debt was 20.245 trillion dollars, which was 104% of GDP, and an increase over eight years of 170%.
In 2021 (the first Biden budget), the national debt was 29.617 trillion dollars, which was 124% of the GDP, and an increase over four years of 145%.
In 2022 (today), the national debt is 30.824 trillion dollars, which is 123% of the GDP, and an increase over a single year of 104%.
Now no one is very good at this but Reagan had the Cold War to fund, Bush finished the Cold War but had to deal with Iraq, Clinton got relief from funding the Cold War, Bush has Afghanistan and Iraq, Obama didn't have to actively deal with any aggression by any country, Trump was drawing down our commitments but had to deal with Covid. Biden had no wars to deal with accept to surrender Afghanistan and Trump had given him three vaccines for Covid but Biden spent money on cronies and lockdown recovery (most of which has not yet been spent).
All told, republicans have increased the debt (not to be confused with the deficit) 9.372 trillion + 6.403 trillion + 1.554 trillion + 1.859 trillion or 19.188 trillion over 24 years (799.5 billion a year).
The democrats have increased the debt 1.086 trillion + 8.335 trillion + 1.207 trillion or 10.628 trillion over 17 years (625 billion a year). Biden is projected to spend (at this rate) another three trillion dollars or 681 billion a year for 20 years of democratic rule.
The republicans bought the end of the Cold War, the War on Terror, Covid, tighter control of the border, and a booming economy.
What did the democrats buy with our money? Complete inaction after the Cold War, ignored the Muslim terror threat, lost control of the border, surrendered Afghanistan, paid off the Iranians twice, give up the economy to China, and crushed our energy might to the Russians which gave the world the Ukrainian invasion.
A lot of numbers but to conclude, no one from either party is good with our money but the republicans gave us a nice house, a good running car, and that promised vacation after the kid graduated from college.
The dems had us downsize our home, we're driving a hybrid beater, and vacation has to be postponed again until that kid goes to California to join Antifa and find themselves (whatever sex they think they are now).
