By Riley Murray - Star City Harbinger
As we inspect, dissect, and reflect on the economic action plans being proposed by John McCain and Barack Obama, I thought it would be a worthwhile study to review the historical trend of deficit spending by the federal government from 1948-2008.
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In 1980, we can see the beginnings of a sharp rise in federal debt. While Congress surely shares in the blame, along with all the voters that elect them, the old sign on Harry Truman's desk say it all, "The buck stops here!". We choose Presidents to be leaders -- with the glory, goes the grief.
[Go below the fold for more on the culprits of debt]
...the revered, arch-conservative, Ronald Reagan; was the clear leader in the rate of debt growth.
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But when it comes to all-time leader in piling on public debt dollars, it has been our current president, George W. Bush...
He has had his hand on the rudder, as we added $3.8 Trillion to our national debt. In fact, GW Bush, GHW Bush and Reagan own 5 of the top 6 debt-builder slots, with only the first term of Democrat Bill Clinton, in this presidential group of dubious distinction.
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So this begs the question, would John McCain continue in the footsteps of the revered Ronald Reagan, one-termer GHW Bush, or the now exceedingly unpopular GW Bush? Could Barack Obama following the lead of the second Clinton administration, bringing some much needed fiscal restraint along with his plans for fundamental Change in Washington?
See full post and charts at the Star City Harbinger