{"id":74,"date":"2009-02-22T21:38:00","date_gmt":"2009-02-23T01:38:00","guid":{"rendered":"http:\/\/www.chicityschmidtty.com\/wp\/?p=74"},"modified":"2009-02-22T21:38:00","modified_gmt":"2009-02-23T01:38:00","slug":"debt","status":"publish","type":"post","link":"https:\/\/www.schmidtty.me\/?p=74","title":{"rendered":"Debt"},"content":{"rendered":"

Ronald Reagan came into office with a national debt of less than $1 trillion. Mostly by cutting taxes on the rich, he grew that debt to $2.6 trillion. George H.W. Bush broke his “no new taxes” pledge, but it wasn’t enough to keep the debt from ballooning another 50 percent, to $4.2 trillion.<\/p>\n

Bill Clinton’s aggressive budget balancing slowed the growth rate a bit: eight years later, he left office with a debt of $5.7 trillion\u2014and a tight budget in place that, if followed, would have paid whole thing off by 2006. Unfortunately, George W. Bush had no intention of following through with Clinton’s plan: on his watch, the debt nearly doubled, from $5.7 to $10.6 trillion. So, nearly 80 percent of the current debt\u2014about which conservatives now complain\u2014was acquired on the watch of the three most recent conservative Presidents.<\/p>\n

Via [OurFuture.org<\/a>]<\/p>\n","protected":false},"excerpt":{"rendered":"

Ronald Reagan came into office with a national debt of less than $1 trillion. Mostly by cutting taxes on the rich, he grew that debt to $2.6 trillion. George H.W. Bush broke his “no new taxes” pledge, but it wasn’t enough to keep the debt from ballooning another 50 percent, to $4.2 trillion. Bill Clinton’s … <\/p>\n

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