THE HUNTER REPORT
Guest Editorial - National Deficit
Our 11.9 trillion dollar deficit
How did we accumulate this deficit?
By: Richard Truitt
All presidents are responsible for their budgets. The truth is the veto pen is too large for either party to overcome if the president wants to use it.
When Ronald Reagan was elected, the deficit was 900 billion dollars. When he left office, it was four trillion dollars. Remember Ronald Reagan campaigned on smaller government, tax cuts, and a balanced budget. However, we know the history of supply side economics – big tax cuts and huge deficits. One thing you can say about Ronald Reagan in the positive, is that he would work with the opposition to get a solution to a problem, not the gridlock of the current Republican party.
George H. Bush added 1.3 trillion dollars in his four years in office to the deficit.
When Bill Clinton took office, the deficit was over five trillion dollars. He passed the Deficit Reduction Act without a Republican vote. The Republicans swore this Act would drive the country into a recession. What it did was create 22 million jobs and five balanced budgets and pay down the deficit. Bill Clinton left George W. Bush a 250 billion dollar surplus the first year.
George W. Bush passed a two trillion dollar tax cut, funded a war in Iraq that costs one trillion dollars, passed Plan D prescription drug plan that cost 750 billion dollars, a bale-out of Wall Street that cost 700 billion and also started the bale-out of the auto industry.
When Barak Obama took office, the deficit was 10.6 trillion dollars. He inherited a budget that was over a trillion dollars in deficit.
At the same time that George W. Bush was doubling the deficit, he increased spending by 50%. Republicans talk about balanced budgets and reducing the deficit only when they’re not in office. Once in office, their main concern is tax cuts for the rich and corporate welfare.
(NOTE: Richard Truitt resides in the 5th District. Mr. Truitt stays informed and he attends commission, air quality task force and school board meetings, regularly.)