Who Caused All This Debt?

Today we have another guest post by Larry Hodgden of Tipton

Larry is a retired Viet Nam era veteran of the USAF. He and his wife of 40 years, Sharon, have three children and seven grandchildren who keep him very busy. Family, education, church and politics have been a lifelong passion.

In the first 200 years of our Republic, beginning with the American Revolution and through the Civil War, World War I, the “Great Depression”, World War II, Korea and the Viet Nam War we accumulated 1.14 TRILLION DOLLARS of debt by 1981.

Until 1981 our top tax rate was 70% or higher, then we elected Ronald Reagan who cut the top rate to 50%. That coupled with union busting, lack of regulation and reckless spending over eight (8) years gave us a national debt of 3.23 TRILLION DOLLARS.

By 1989 under Bush #41 the top tax rate had been reduced to 28% and in four (4) years the debt reached 4.41 TRILLION DOLLARS.

In 1992 Bill Clinton was elected and with a Democratic Congress raised the top rate to 39.6%. The deficits started declining and we started running surpluses which, after 8 years resulted in a total debt of 5.8 TRILLION DOLLARS. Still too much but we were heading in the right direction.

Then George W. Bush came along and with a Republican Congress dropped the top tax rate to 35% which, along with two unfunded wars, an unfunded Medicare Drug Plan and a Wall Street bailout caused by lack of regulation, resulted in a national debt of 11.90 TRILLION DOLLARS, more than doubling our debt in 8 years.

With the markets and the economy in near total collapse, our country was on life support. Then suddenly DEBT became important to Republicans. If you had a loved one critically ill, would your main concern be the cost or would you focus on recovery? We all know the answer to that but the Republican response to the mess they created clearly tells us where their priorities are.

We went from 1.14 to 11.9 TRILLION DOLLARS of debt in 28 years, 20 of which were in control of the Republicans. Now Mitt Romney and Paul Ryan are proposing more of those same policies, tax cuts for the rich and ending most regulations, ideas which created our economic mess and crushing debt.

What can we do? You have three choices. Don’t vote and let others determine our destiny. You can also pretend policies which have failed in the past will work this time and vote Republican. Or you can vote for the Democratic Party which has a proven record of supporting the economic interests of all of us. We need to move forward as a country and only the Democrats offer a plan which does that for ALL of us.

When my grandchildren ask “who caused all this debt?”, I can tell them where I stood and what I’ve fought for since my first letter to the Tipton Conservative back in 1984 opposing Reagan’s policies. What will you tell your children and grand children?

About Dave Bradley

retired in West Liberty
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