Presidential Economics and Deficits

By Beacon Staff

Please care enough about our country to search for facts.

1. Who are the only U.S. presidents since World War II to double or triple the national debt?

2. Which U.S. president’s policies were projected to create a $5.6 trillion budget surplus by 2011 according to the 2001 Congressional Budget Office?

3. Which vice president said, “Reagan proved deficits don’t matter”?

4. Which U.S. president’s policies were opposed by 450 American economists and 10 Nobel economists?

5. Is the interest on the national debt approaching half a trillion per year?

Answers:

*1. Reagan is the only president to triple the national debt ceiling: $0.9 trillion to $2.8 trillion. Bush is the only to double it: $5.9 to $11.3 trillion.

*2. Clinton’s policies were projected to create a $5.6 trillion total budget surplus if continued for fiscal years 2002-2011.

*3. Vice President Dick Cheney said, “Reagan proved deficits don’t matter.”

*4. George W. Bush’s tax cuts were opposed by 450 economists, including 10 Nobel Prize winners, stating: “Passing these tax cuts will worsen the long-term budget outlook, adding to the nation’s projected chronic deficits… will reduce the capacity of the government to finance Social Security and Medicare benefits as well as investments in schools, health, infrastructure, and basic research… [and] will generate further inequalities in after-tax income.’”

*5. Yes. Since 2006 the interest on the national debt has been over $400 billion a year, excluding 2009.

We live in the Information Age. How long will we be able to fact check news? Please care enough about our country to search for facts.

Jackie Gysler
Bigfork

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