Posted by ( Wayne ) on November 12, 2007 at 3:59 pm

The national debt in 1981, when Reagan was sworn in, stood at 994 billion dollars.  It took 39 presidents and 204 years to reach that level of debt. Eight years later in 1989, when Reagan left office and George HW Bush took office, the debt stood at 2,867 billion, or an increase of 1,863 billion.  Four years later in 1993, when Clinton was sworn in, the national debt stood at 4,351 billion, an increase of 1,484 billion.  In 2001, when George W Bush became president, the debt stood at 5,769 billion, an increase of 1,418 billion.  It now stands at 9,000 billion, an increase of 3,231 billion.  That is an increase of over 8,000 billion dollars since 1981.

It should be obvious that we cannot sustain such borrowing and continue to be the greatest nation in the world.  We will surely be crushed by the accumulating debt unless we soon correct course.  This should not be a partisan issue but it has been made one by politicians whenever it suits their purpose, often labeling Democrats as tax and spend and Republicans as borrow and spend.  Both are unsustainable.  Who can get us out of this hole?  The first thing to do would be stop digging but I don’t hear that solution being offered by any candidate of either party, and for good reason.  We want to be told we can have it all now, just like spoiled kids.  Heaven help the fools.