Daily Kos: A Concise History of Republican Financial Mismanagement

A Concise History of Republican Financial Mismanagement
by bonddad
Mon Sep 26th, 2005 at 11:08:12 CDT

There are a lot of Republicans like my Dad who vote Republican largely based on the perception Republicans are the party of fiscal responsibility. This perception comes from the 1950s when Republicans were actually fiscally responsible. However, starting in 1980 and the "Reagan Revolution", that changed. The Republicans became the party of "borrow and squander". Regrettably, they have left the US with a legacy of debt that will burden our children, grandchildren and probably our great grandchildren. Moreover, as the US population ages and the baby-boomers retire, it could crush the US' national budget.

* bonddad's diary :: ::

Below I will run through a history of US budget deficits and total debt. There is some debate among various economic factions about what debt to use when discussing the US' public debt which is divided into publicly held debt and intra-governmental debt. Publicly held debt is debt held by the public. Intra-governmental debt is held by various government agencies when they borrow from one another. I will use the total amount of debt which totals the combined public and intra-governmental debt. The reason is simple: regardless of who holds the debt. it is still a debt obligation of the US government and much be paid off on maturity.

All of the information here is derived from the Congressional Budget Office and the Bureau of the Public Debt.

Daily Kos: A Concise History of Republican Financial Mismanagement


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