Something we already knew, but now the record proves it. Republican presidents run up debts, while Democratic presidents try to reduce it.
This is in stark contrast to the ideology constantly being drilled into our heads by the media and the Republican party, that conservatives are for fiscal discipline. If this is true, the conservatives who become president must leave their ‘discipline’ at the door of the White House.
According to the report,
Economist Mike Kimel notes that the last five Democratic Presidents (Clinton, Carter, LBJ, JFK, and Truman) all reduced public debt as a share of GDP, while the last four Republican Presidents (GW Bush, GHW Bush, Reagan, and Ford) all oversaw an increase in the country’s indebtedness.
Similarly, Republican David Stockman, director of the Office of Management and Budget under President Ronald Reagan, as op-ed contributor to the New York Times blamed the “ideological tax-cutters” of the Reagan administration for the increase of national debt during the 1980s.
Looking back, this trend was not always the case. Yesteryear’s Republican Presidents once had focused on bringing down the national debt, but something changed right around the time Reagan got into office. See the chart below;
So next time these conservatives talk about “deficit reduction” and “cutting the budget,” maybe they should consider whose policies increased the national debt to where it is today. They should also consider educating their next presidential candidate, and beg that candidate to maintain their so-called “conservatism” if they manage to cross the threshold of the White House.
