Friday, June 3, 2011

Truths About our Inherited Debt

Deficit and debt increases 2001-2008Image via Wikipedia
10 Inconvenient Truths About our Debt Ceiling

by Avenging Angel

Bolstered by new polls and fresh off their vote to bar an increase in the nation's $14.3 trillion debt ceiling, House Republicans swaggered into the White House for the latest negotiation to end their economic hostage taking. One, Rep. Jeff Landry of Louisiana, refused to attend and be "lectured to by a president whose failed policies have put our children and grandchildren in a huge burden of debt."

Sadly for Rep. Landry, the nation's mounting debt is largely attributable to wars, a recession and tax policies President Obama inherited from his predecessor. Worse still, the Ryan 2012 budget proposal backed by almost every Republican in both houses of Congress would not only drain another $4 trillion in tax revenue from the Treasury, but fail all of the spending and balanced budget targets they themselves propose. Nevertheless, Republicans who voted seven times to double the debt ceiling under George W. Bush would risk the national economic suicide they admit would come to pass if their demands are not met.

Here, then, are 10 Inconvenient Truths About the Debt Ceiling:

(Click a link to jump to the data and details for each.)

1. Republican Leaders Agree U.S. Default Would Be a "Financial Disaster"

2. Ronald Reagan Tripled the National Debt

3. George W. Bush Doubled the National Debt

4. Republicans Voted Seven Times to Raise Debt Ceiling for President Bush

5. Federal Taxes Are Now at a 60 Year Low

6. Bush Tax Cuts Didn't Pay for Themselves or Spur "Job Creators"

7. Ryan Budget Delivers Another Tax Cut Windfall for Wealthy

8. Ryan Budget Will Require Raising Debt Ceiling - Repeatedly

9. Tax Cuts Drive the Next Decade of Debt

10. $3 Trillion Tab for Unfunded Wars Remains Unpaid

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