Graph: National Debt

26 March 2008

As I've said more than once before, even McCain's economic advisers acknowledge that McCain's plan "will make deficits expand." He's basically passing the bill to future generations (failing to acknowledge that this will result in higher taxes in the future in order to pay off our debt - currently at $9 trillion - with interest). On the other side of the fence, even the Wall Street Journal (grudgingly) notes that Obama's plan "adds up" (article available here, though you need either a subscription or access to Lexis).

UPDATE: I'll see if I can find one that compares Democratic/Republican Congresses, too. But what I see in this graph is a government where the two parties worked together to pay off our WWII debts until the Reagan years, where we had steep tax cuts coupled with spending increases, and then again in the George W. Bush years, where we had similar tax cuts coupled with spending increases.

1 comment:

Utah Savage said...

Thanks again for doing the research to post this nugget. It is your generation that will get the first big hit, then your children's, and so on. Sorry. Sad to say, I'm a boomer. Did you see my piece, Boomer Nation, Move Over? John is of course closer to my parent's generation, still..... Caught between The Greatest Generation and the Boomers. The middle child.