tag:blogger.com,1999:blog-7708139263643046536.post2861120597277961952..comments2024-03-29T05:31:25.038-04:00Comments on Kresta In The Afternoon: Debt, Finance and CatholicsUnknownnoreply@blogger.comBlogger1125tag:blogger.com,1999:blog-7708139263643046536.post-53326687976689815912011-05-19T20:58:10.348-04:002011-05-19T20:58:10.348-04:00Mr. Gregg,
Almost all of our federal debt can be...Mr. Gregg, <br /><br />Almost all of our federal debt can be attributed to two presidents -- Ronald Reagan and George W. Bush. I wouldn't accuse either of them of having a mindset of practical atheism, but maybe you know something I don't know. <br /><br />Reagan took office in January 1981. The first budget for which he was fully responsible was Fiscal Year 1982, which started on October 1, 1981. <br /><br />Let's look at the total federal debt and on-budget deficits for each president since Jimmy Carter: <br /><br />Jimmy Carter's last fiscal year (1981): <br />Federal debt = $1.0 trillion <br />Federal deficit = $73.1 billion <br /><br />Ronald Reagan's last fiscal year (1989): <br />Federal debt = $2.9 trillion <br />Federal deficit = $205.4 billion <br /><br />George H.W. Bush's last fiscal year (1993): <br />Federal debt = $4.4 trillion <br />Federal deficit = $300.4 billion <br /><br />Bill Clinton's last fiscal year (2001): <br />Federal debt = $5.8 trillion <br />Federal deficit = $32.4 billion <br /><br />George W. Bush's last fiscal year (2009): <br />Federal debt = $11.9 trillion <br />Federal deficit = $1.5 trillion <br /><br />Today: <br />Federal debt = $14.3 trillion <br />Estimated FY2011 federal deficit = $1.7 trillion<br /><br /><br />In 1981 the total federal debt was $1 trillion. The debt nearly tripled under Ronald Reagan to $2.9 trillion in 1989, and increased under George H. W. Bush to $4.4 trillion by 1993. <br /><br />The Bush and Clinton tax increases of the early 1990s caused the deficits to gradually disappear, with small surpluses in 1999 and 2000. Even so, the debt grew under Clinton to $5.8 trillion by 2001. Clinton left office in 2001 with a small deficit of $32.4 billion. He would have left office with a small surplus if George W. Bush had not sent taxpayers that advanced refund check of $300 in 2001 for their 2001 taxes. Sending us those refund checks lowered FY2001 revenue by $35 billion according to the CBO. <br /><br />The debt more than doubled under George W. Bush to $11.9 trillion in 2009. Bush left office with the first ever trillion dollar deficit because of the bailouts and the bad economy. Obama made the FY2009 deficit a little bigger because he spent a portion of his stimulus package that year -- $108 billion according to the CBO. <br /><br />Obama will be stuck with trillion dollar deficits until the economy improves. <br /><br />The debt numbers can be found <a href="http://www.ussavingsbonds.gov/govt/reports/pd/histdebt/histdebt_histo4.htm" rel="nofollow">here</a> and <a href="http://www.ussavingsbonds.gov/govt/reports/pd/histdebt/histdebt_histo5.htm" rel="nofollow">here.</a><br /><br />The on-budget deficit numbers are in the <a href="http://www.gpoaccess.gov/usbudget/fy12/index.html" rel="nofollow">U.S. Budget</a> Historical Tables, Table 1.1. Scroll down till you see Historical Tables. I use the PDF file. <br /><br />The CBO numbers I mentioned are in the CBO's <a href="http://www.cbo.gov/publications/bysubject.cfm?cat=35" rel="nofollow">Monthly Budget Reviews</a> for September 26, 2001 and November 6, 2009. You have to scroll down to get to the reviews.maumanhttps://www.blogger.com/profile/09250198272377329639noreply@blogger.com