Quote:
Originally Posted by Dan2020
Reagan took the deficit from 70 billion to 175 billion.
Bush 41 took it to 300 billion.
Clinton got it to zero.
Bush 43 took it from 0 to 1.2 trillion.
Obama halved it to 600 billion.
Trump’s got it back to a trillion.
|
Well, that's one theory. Here's another (figures from "thebalance.com"):
--Tip O'Neil took the deficit from $74 billion to $155 billion, over Reagan's objections.
--Bush 41 took it to $290 billion to fight a new forever war in Iraq that everybody demanded, for no reason anyone can think of today.
--Newt Gingrich beat it back down to a $238B SURPLUS, with Clinton fighting all the way, until he jumped to the front of the parade and took the credit.
--Bush 43 took the deficit from -238 billion to 459 billion to fight a new forever war in Afghanistan, after they murdered 3000 Americans in New York.
--Boehner forced Obama to accept a sequester bill, which cut the Obama deficit from 1.3 TRILLION in 2011 to $585 billion on the day he left.
--Trump doubled it back to 1.08 trillion before Covid, and then spent another 2.7 trillion to fight a bioweapon attack on the country.
-- Biden used Covid as an excuse to add another $2.1 trillion, after the crises was over.
But I guess these days, everyone is entitled to their own facts, so what were we arguing about, again? Oh, yeah.. inflation. Here's how that fits in.
The 4.8 trillion dollars the last two Presidents spent on Covid has to some from somewhere, and there aren't enough suckers in the world to lend us that much dough. So the FED "buys" the "debt", which is a silly way of saying it puts fake dollars represented by 1's and 0's into various bank computers. Since the FED gives these fake dollars away for free, the banks have no incentive to pay you for your savings. And they have lots of fake dollars to lend, which winds up in the economy causing inflation.
But here's the simple explanation:
Inflation is always and everywhere the result of printing too much money.