Now let’s talk about the money. Let’s take a look at two spans in our history – one of 50 years (1931-1981) and one of 30 years (1981-2011).
During the first period, deep in the Great Depression, Franklin Roosevelt came into office, started up the Works Progress Administration, the Civilian Conservation Corps and the Tennessee Valley Authority. He created the Social Security system. Then came World War II. After the war came the Marshall Plan to rebuild Europe, then the Korean conflict followed by Vietnam. Medicare and Medicaid was created. All of that and our national debt in 1981 was $1 trillion.
The Republicans were in the White House 20 of the 30 years (1981-2011). They controlled the House 12 consecutive years, the last six during Bill Clinton’s administration and the first six years of George W. Bush’s administration.
In 1982 Ronald Reagan became president with a trillion-dollar debt, and eight years later we owed $4 trillion. Next came George H.W. Bush, and four years later we owed $5 trillion. Bill Clinton came in, and when he left we still owed $5 trillion – but he had started paying off the national debt and had a workable plan to pay it off in eight years. The Treasury was full of money.
George W. Bush came in, and eight years later we owed more than $10 trillion; the Treasury was empty and he left a budget for the incoming president with a trillion-dollar deficit. The economy he left was just about what FDR faced when he came in. Sounds like history does repeat itself.
Democrats are not that bad.