The National Debt has risen over 3,370% since President Jimmy Carter took office. Here's what it means for Americans.
When Jimmy Carter took office, the debt was $669.2 billion. Four years later, at the end of his term, the debt had risen to $964.5 billion. The debt increased by $1.77 trillion during Reagan’s two terms; $1.4 trillion under Bush the elder; $1.5 trillion under Clinton; $5.3 trillion under Bush the younger; $8.7 trillion during the Obama presidency; and $3.3 trillion under President Trump, thus far.
The following table shows the amount of debt at the start of each presidential term , the percentage of increase during each president, and the party that controlled Congress.Most understand, to some extent, that excessive debt will hurt future generations. But to understand the full impact, we will reference a 2011 study conducted by the Bank of International Settlements.
How will the November election affect things? If Trump wins, he will continue to deregulate and cut taxes to stimulate economic growth. Trump is very much like Reagan on economic growth. If Biden wins, there will be increased regulation, higher taxation, and an increase in social programs. As government expands, it will require even more revenue and taxes will be the vehicle.
America is at a crossroad. If the national debt rises as projected , Americans will feel the pain as labor markets tighten, the gap between the top 10% and the bottom 50% widens, and social unrest grows. To quote Ronald Reagan, “There is a clear cause and effect here that is as neat and predictable as a law of physics: As government expands, liberty contracts.”
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