Saturday, October 08, 2005

Some things speak for themselves

Click image for full view.

This chart comes from Encarta via United States National Debt (1938 to Present, An Analysis of the Presidents Who Are Responsible For Excessive Spending, By Steve McGourty, Updated 9 April 2005

McGourtry says, in part:
The chart shows the United Stated national debt (per Microsoft’s Encarta Encyclopedia and US Government data) with the various Presidents’ terms marked by vertical lines. Under Clinton the growth in debt ceased, but note the radical change in direction debt has taken since George W. Bush entered office. There is no question that the steepest upward rises in debt take place after Reagan was elected when so called Conservative Republican Presidents are in office (see red below).

Since the Neo-Conservative movement has become the dominate force in the Republican Party the national debt has grown and continues to grow by any measure you care to use. In addition, experience has shown that “trickle down tax cuts” only work to concentrate the nation’s wealth into fewer hands and never help to rebound the economy. Mr. Bush has no plan to deal with the debt he has already created, and all his future plans only balloon the debt even larger. We can not count on him to contain government spending.

Fortunately our nation is fundamentally strong and it has always had the strength to overcome bad Presidents and their failed economic policies in the past. Our economy can and will endure the downward vortex of this misguided Neo-Conservative trend as well. However, for the sake of our nation, our jobs and our future let us all hope that we see an end to the dominance of the disastrous Neo-Conservative economic polices soon.

He also points out that the economy, expressed as Gross Domestic Product (GDP) is not growing along with debt:
Using government projections, US debt will double under Mr. Bush’s leadership (or lack of it) in real dollars and as a percent of GDP. The nation has to wonder when will the fiscally conservative side of Mr. Bush reveal itself? He only has a few years left in office and while he talks about reducing the debt, the fact is that he has so far only increased it. He keeps telling us that cutting taxes will pump up the economy and thus generate more revenue for the government. The facts do not support his, or the Gipper’s unsubstantiated claims on this point.

He give us another chart to demonstrate this point:
Click image for full view.

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