As a nation, we passed $22 trillion in debt back in February. Since Trump took office, we have borrowed $2.2 trillion. We are currently borrowing a trillion dollars every 11 months, and that doesn’t count the monetization of another half trillion or so per year, thanks to the Federal Reserve Bank.
Just 20 years ago, we “only” owed $5.6 trillion. We have nearly quadrupled the debt in 20 years. The debt is now doubling about once every 117 months. and has been since the 1970s.
When President Obama left office, the government debt stood at $19.57 Trillion. In all, Obama’s share of our national debt is about $8 Trillion, or an increase of 185%, a increase that is nearly identical to his predecessor. His share of the debt would have been higher, but interest rates were at or near zero for most of his tenure.
President George W Bush borrowed his first trillion dollars in two and a half years. He borrowed his second trillion a year and a half later. Another two years, another $1 trillion. All told, President Bush borrowed $5 trillion in 8 years, increasing the national debt by 187%.
It took President Clinton 3 and a half years to borrow his first trillion dollars. All told, he borrowed $1.2 trillion in his first term, and $600 billion in his second. He increased the national debt by 140% in eight years.
George HW Bush borrowed his first trillion in 3 years, and he increased the National debt by 170% in four years.
Reagan borrowed his first trillion in 6 years, and doubled the National debt during his eight years in the White House.
Carter increased the National debt by 150%, but “only” borrowed $300 billion in 4 years. I guess that was when $1 Billion was real money.
Ford increased the debt by 147% in 3 years., Nixon by 135% in 5 years, Johnson by 116% in 6 years, Kennedy by 106% in 2 years, Eisenhower by 108% in eight years.
Democrats, and Republicans, both in a contest to see who can spend the most in our society of “how much can you give me if I vote for you.”