Let’s skip words like,
“Make America Crayola Crayons Again!”
In other words,
let’s go back to the Ronald Reagan, George H.W. Bush, George W. Bush years.
all four presidencies were with a
(Republican Controlled Congress),
as was the countries problem with the President Barrack Obama, a
(Republican Controlled Congress)!
based on historical figures from the nonpartisan Congressional Budget Office,
shows the total deficit or surplus for each fiscal year from 1990 through 2006.
Keep in mind that fiscal years begin Oct. 1,
So the first year that can be counted as a Clinton year is fiscal 1994.
Congressional Budget Office, “Historical Budget Data,” undated, accessed 6 Sep 2010.
President Ronald Reagan
President Reagan added $1.412 trillion in deficits, nearly doubling the debt.
He fought the 1982 recession by cutting the top income tax rate from 70% to 28%,
and the corporate rate from 48% to 34%.
He also increased government spending by 2.5% a year.
That included a 35% increase in the defense budget and an expansion of Medicare.
President George H.W. Bush
President George H.W. Bush created a $1.03 trillion deficit in one term.
He responded to Iraq’s invasion of Kuwait with Desert Storm.
He oversaw the $125 billion bailout that ended the 1989 Savings and Loan crisis.
The 1991 recession cut into tax revenue.
Although most other Presidents ran deficits, none comes close to these four.
Part of that is because the U.S. economy, as measured by GDP, was so much smaller for other Presidents.
For example, in 1981 GDP was only $3 trillion, growing by five times to $15 trillion in 2012.
See the table below for a year-by-year detail of each President’s budget deficit since President Woodrow Wilson.
President George W. Bush
President Bush is next, racking up $3.293 trillion over two terms.
He responded to the attacks on 9/11 with the War on Terror,
driving total military spending to at least $600 billion a year.
Unfortunately, the cuts did not sunset when the recession was over,
adding to the housing boom and depleting revenues during the 2008 recession.
Congress added it to the mandatory budget,
where it became the Troubled Asset Relief Program (TARP).