Tag: Debt

In this video, 8th CD Republican nominee Patrick Murray complains about the debt, which he implies all was built up by President Obama and the current, Democratic Congress.  Obviously, Patrick Murray is not a student of history.  A few points for Murray's edification.

1. The last budget surplus occurred under a Democratic president, Bill Clinton.
2. George W. Bush and a Republican Congress quickly turned that surplus into deficits as far as the eye can see, due to their huge tax cuts - largely for the wealthiest Americans and most powerful corporations - and their war of choice in Iraq.
3. As far as the national debt is concerned, Ronald Reagan built up $1.7 trillion of it, George HW Bush $1.4 billion, and George W. Bush another $4.4 billion. Just in case Patrick Murray is math challenged, those numbers add up to $7.5 trillion.
4. The last Republican to actually reduce the debt during his time in office?  How about...uh, never, at least going back to FDR?
5. The last Republican president to reduce the debt/GDP ratio? Richard Nixon. All the others since then - Reagan, Bush 41, and Bush 43 - have increased the debt/GDP ratio.
6. The last Democratic presidents to reduce the debt/GDP ratios? Bill Clinton...and Jimmy Carter, LBJ, JFK, Harry Truman, FDR. In other words, all of them since 1933.

In sum, if you want a lower debt/GDP ratio or overall debt, the last people you want to turn to are Republicans like Patrick Murphy. Basically, Republicans are the "deficit spend and borrow" party. Why would anyone support that history?

UPDATE: Speaking of deficits, the Washington Post explains why Bob McDonnell's "surplus" needs an asterisk.