Faulty Politics & National Debt; When President George W. Bush Took Office in 2001, the National Debt Was $5.73 Trillion. When He Left Eight Years Later, It Was Almost $10.7 Trillion, a near Doubling, Adding Approximately as Much Red Ink as All the Nation's Previous Presidencies Combined. [Derived Headline]

By Reiland, Ralph R. | Tribune-Review/Pittsburgh Tribune-Review, February 13, 2017 | Go to article overview

Faulty Politics & National Debt; When President George W. Bush Took Office in 2001, the National Debt Was $5.73 Trillion. When He Left Eight Years Later, It Was Almost $10.7 Trillion, a near Doubling, Adding Approximately as Much Red Ink as All the Nation's Previous Presidencies Combined. [Derived Headline]


Reiland, Ralph R., Tribune-Review/Pittsburgh Tribune-Review


When President George W. Bush took office in 2001, the national debt was $5.73 trillion. When he left eight years later, it was almost $10.7 trillion, a near doubling, adding approximately as much red ink as all the nation's previous presidencies combined.

President Obama delivered the same dire accomplishment, nearly doubling the national debt during his eight years, expanding it from $10.626 trillion in 2009 to $19.947 trillion on Jan. 20, 2017 -- the largest increase dollar-wise in the national debt during any presidency in U.S. history.

Now we have the Trump administration, with key economic adviser slots unfilled; no proposals for significant spending cuts; and promises of tax reductions on personal income and corporate profits. Add to that assurances of universal health care; a revitalization of the American military; no reforms in the spiraling costs of Medicare, Medicaid and Social Security; and building the biggest and most spectacular wall since the Ming Dynasty piled up bricks and mud in the 1400s to deter raids into China by various nomadic thugs.

A study by the nonpartisan Tax Policy Center and Penn Wharton of Trump's economic plans forecasts a drop in federal revenues of $6.2 trillion over 10 years and a boost in the national debt by at least $7 trillion over the first decade and $20.7 trillion over two decades.

"Living in the academic world, I have taken up peer therapy with anguished colleagues over the election of Donald Trump," writes David Davenport, Forbes writer and research scholar at the Hoover Institution at Stanford University.

"One thing seems fairly certain," contends Davenport. "A Donald Trump presidency is likely to have little regard for decreasing the national debt or annual budget deficits. …

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Faulty Politics & National Debt; When President George W. Bush Took Office in 2001, the National Debt Was $5.73 Trillion. When He Left Eight Years Later, It Was Almost $10.7 Trillion, a near Doubling, Adding Approximately as Much Red Ink as All the Nation's Previous Presidencies Combined. [Derived Headline]
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