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The National Debt



The United States debt is on track to soon eclipse $31 TRILLION!!! Just how much is $31 TRILLION??? It is enough to saddle every U.S. citizen with $90,000, or about $240,000 for every taxpayer in the U.S. The national debt to GDP ratio is a whopping 127 percent! Our government has completely divorced itself from reality. We’ve been on this runaway freight train of debt since Ronald Reagan took office. We went from the number one creditor nation to the number one debtor nation during his tenure as President. Moreover, the wealth gap widened considerably during this time as well.

In terms of the most basic measure of economic growth – increase in gross domestic product (GDP) – the vaunted “Reagan boom” was unremarkable. A look at Reagan’s eight years compared with Clinton’s and JFK/LBJ’s, Reagan comes in last place without question, with 31.7 percent compared with Clinton’s 33.1 per cent and JFK/LBJ’s 47.1 percent.

If one was to take a look at incomes, Reagan’s eight years marked a real take-off for inequality. Average incomes stagnated. The income growth of the top once per cent was ten times that of everyone else during his term: 61.5 per cent versus 6.15 per cent. Under JFK/LBJ, the bottom 99 per cent actually did better: gaining 30.9 per cent compared with 26.9 per cent for the top once per cent. And while inequality continued to rise under Clinton, the bottom 99 per cent did more than twice as well as they did under Reagan, gaining 16.7 per cent compared with 56.6 per cent for the wealthiest one per cent.

Needless to say, the United States cannot sustain this massive debt and to continue reckless and undisciplined spending while pretending the national debt does not exist. Our legislators have been running a budget deficit each and every year, not for the sake of decreasing the budget, but to increase the coffers of corporations, special interests, and extremely wealthy individuals and placed the debt on the backs of the American people.

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