Dear elvis, look how Obama has spent all our money!

In an earlier post, kitchenmudge asked if this nation ever had a balanced budget. I don’t know, but this post says the last time we did it was 1957.  He has some nice clean tables there. In this one, note that the deficit went down every one of  Clinton’s 8 years in office and it went up in 7 of 8 years of George Bush. Say no more.

 

And this is a good summary of historic trends in our debt; it sounds like any law demanding a balanced budget would preclude our ability to go to war since wars are always fought on borrowed money. I’ve faulted GW Bush for that, but the real problem was that he simultaneously implemented huge tax cuts.

The United States has had public debt since its inception. Debts incurred during the American Revolutionary War and under the Articles of Confederation led to the first yearly reported value of $75,463,476.52 on January 1, 1791. From 1796 to 1811 there were 14 surpluses and only 2 deficits. The first dramatic growth spurt of the debt occurred because of the War of 1812. In the first 20 years following the War of 1812, 18 surpluses were experienced and the US paid off 99.97% of its debt.

The second dramatic growth spurt of the debt occurred because of the Civil War. The debt was just $65 million in 1860, but passed $1 billion in 1863 and had reached $2.7 billion following the war. In the following 47 years America returned to the practice of running surpluses during times of peace experiencing 36 surpluses and only 11 deficits. During this period 55% of the US national debt was paid off.

The next period of major growth in debt came during WWI reaching $25.5 billion at its conclusion. It was followed by 11 straight surpluses and saw the debt reduced by 36%.

 

19 responses to “Dear elvis, look how Obama has spent all our money!

  1. Hm.. so this is where this “Obama tripled the debt” comes from. They mean deficits, from $500bn to $1.5tr – but conveniently misspeak as “debt”. When debt is mostly all Bush and Reagan.
    #849382748 bad communications-war by Democrats.

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    • Very bad message delivery – I especially like it when Harry Reid refers to eliminating hte Bush tax cuts as ‘increasing taxes\’ They don’t get it mac that words matter.

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  2. Mitt Romney in California still saying the bad shape of the economy is Obama’s fault, none of it was Bush’s. Okay What’s wrong with this picture?

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  3. You know Bush’s wars and Reagan’s deficits are the greatest things to happen to you . This way you can continue to live in dream world and never admit that you actually have to do something about the deficits that are being created right now .

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  4. Pingback: Dear elvis, look how Obama has spent all our money! (via Whatever Works) | KANSAS MEDIOCRITY

  5. Republicans always win the message war, because they’re more united than democrats.

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    • True that, Auto 5! And welcome.Which makes it even more important for Dems to articulate some kind of message.

      Mark Twain said “I don’t belong to an organized political party; I’m a Democrat.” Some things are eternal I guess.

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  6. David L. Miller

    Kind of like the nonsence that Social Security is broke and we need entitlement reform . Rethugs learned a lot from Hitler, the bigger the lie and the more it is repeated the more people will believe it . Remember “The Death Tax” lol .

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  7. David L. Miller ,

    I asked an authority , Liberal blogger Hoffman, if SS has a trust fund , and that trust fund has plenty of money, how can President Obama say that he can’t guarantee that SS checks will go out on August 2 ?

    His reply to me :

    ” There is no trust fund, you moron. “:

    There you have it from an authority . There is no money set aside to pay the $ Trillions that SS owes to beneficiaries . It’s all been borrowed away . In the lock box are piles of worthless IOUs .

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  8. Auto 5 nailed it……

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  9. And Scott…your argument is ALL WET…..

    How about everyone going to the bank and taking out ALL their money, guy?

    ALL OF IT….

    Same thing happens as the Government….
    They ain’t got it…..

    Stop with the sillyness please……

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  10. Pingback: Dear elvis, look how Obama has spent all our money!….Whatever Works…. - Politicaldog101.Com

  11. Clinton raided Social Security to lower government spending. Now we are all screwed and you are going to cheer on the thief that did it? Give me a break. Obama has had plenty of time to turn this around, but he cannot because Slick Willy used up the bag of tricks. Every President since Reagan has raided SS but Clinton flat out abused it to the point where we are today.

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  12. jamesb ,

    ” How about everyone going to the bank and taking out ALL their money, guy? ”

    That ‘ is ‘ what is soon to be . There are $ Trillions in liabilities. That’s $ Trillions . Even if the money were still in the trust fund, it wouldn’t be enough . Since the money is not there it’s worse . And there is a run on the SS bank . It’s called the Baby Boomer retirement .

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  13. Yo Alan……If the economy gets better the deficit and other Big Three Social Programs stuff gets more $$$……

    Another simple idea…..Erase the Bush tax cuts for those making more than $250,000 a year……

    Rob…how did Clinton raid S/S……ther is no Trust fund per say….It’s the US Treasury…and last time I looked Clinton had a few years of surplus…That all went south when Bush II showed up….

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  14. Pingback: US Presidential profiles in violations of justice. (Part 10 – former President G.W. Bush) « We dream of things that never were and say: "Why not?"

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