For almost 40 years every President, from Truman thru Carter, reduced our national debt. Bringing it down from 120% to approx 30% of GDP. But the Reagan and Bush I years saw the national debt skyrocket from 30% to about 65%. Clinton successfully reversed the trend and reduced the debt down to about 55%. Then Bush II drove the debt back up above 70%.
Two things are certain to grow when a Republican is in the White House, unemployment and the National Debt. Yet the Republicans accuse the Democrats of over spending.
These huge debts run up by the Republicans are a result of the infamous “Trickle Down Economics” theory. This theory claims that by giving the wealthy large tax breaks, they will invest that money into factories and production thus creating jobs. Well Republicans, how’s that working for yeah? If failed for Calvin Coolidge and now also for Reagan and the Bush’s. It’s been shown that the results of “Trickle Down”, is the redistribution of wealth from the middle class to the super-rich.
Clinton balanced the budget five times. Reagan, Bush I and Bush II never had a balanced budget.
Thanks to Mike Kohl who posts on DU: