There has been a lot of talk about how horrible the Obama administration has been because of the amount of debt that has been added to the National debt. He has been accused of being terribly irresponsible and endangering the nation’s future.
The reality is that Obama and his administration ought to be praised for the fact that they have only added whatever the amount the Republicans want to blame him for. When you consider that since 1929 when the debt began to grow to more than 30% of the Gross National Product (GDP) Obama has added the smallest amount to that debt of any president who has added to the debt except for FDR.
Roosevelt with World War II took the national debt from being 30% of the GDP to the record level of 130% of the GDP. Truman reduced that percentage to 60% of the GDP. Ike reduced it, Kennedy, LBJ, Nixon and Carter all reduced the percentage to 30% of GDP when Reagan and Bush (senior) came into office.The Republican supply side economies raised the percentage back up to 60% of GDP. Clinton reduced that percentage to 50%. The next Bush (junior) with supply side economics and two unnecessary wars raised the percentage to 85% of the GDP.
When Obama came in to office with two wars that were not being paid for by taxes, and all kinds of economic challenges, and a congress that was dead set against any increase in revenue, it is amazing that Obama has only added about 5% to the National debt percentage of GDP. The numbers sound horrible but the percentage added to the national debt is very small considering what has been happening.
The record also demonstrates that the Republican economic philosophy of cutting taxes on the rich and business(supply side) will stimulate the economy and produce more income and lower the debt just has not worked. Bush (senior) called it Voodoo economics and that is exactly what it is. It has not worked with Reagan or with Bush (junior). Why do we think it would work with a third try?