That is how much debt was run up by the last three republican presidents. And that is in real dollars at the time. If you adjust to todays currency values it is worse. Ronald Reagan ran up the debt 1.873 trillion or 3.29 trillion in todays dollars. GHW Bush ran it up 1.483 trillion or 2.3 trillion in todays dollars. His son "W" ran up 6.1 trillion in debt or if you bring that forward to todays dollars it would be 6.51 trillion. 12.1 trillion total debt in todays dollars.
Under Reagan the debt ceiling was raised 18 times.
Better check those figures again, Bush ran up almost $11 Trillion himself, that is with the $840 Billion Stimulus plan, that is not added to Obama.
Pres. Bush passed things that added $800 Billion to our budget, Drug plan gave Healthcare companies an extra $200 Billion per year, $200 Billion extra to Defense and $400 Billion in tax cuts, Pres. Obama had nothing to do with those things that were in his budget from the first day in office. Tax cuts are gone now, that is why Obama was able to make huge cuts over this year.
Bush's last budget year ended with 11.9 trillion national debt and a yearly 1.3 trillion dollar deficit and he started with a surplus ! That might be republican put it sure isn't conservative.
You really should get your facts straight. ARRA, the $840 billion stimulus plan, was Obama's baby, and largely judged a failure. It was introduced in Congress in 2009 and passed in 2009. Second, during Bush's administration, $5.75 trillion was added to the US debt - a figure surpassed by Obama in 4.5 years. The 2009-10 Congress was a disaster.
Lib, assuming your inflation adjustments are correct, debt growth under those 12 years of republican administrations was 1.84% annually. The nearly $6 billion that BO has added in 4.5 years represents a growth rate of 9.5% annually. Debt to GDP ratios, the far more important figure, under Reagan, B1 and B2 were 49.5%, 62.7% and 77.3%, respectively at the end of their terms. BO's is now 100.5% and with the continued multi-billion deficits that ratio will continue to decline.
It is widely accepted that any ratio over 90% eats into GDP growth, which is one reason this has been the most anemic recovery since the GD. Growth under BO's term has been 3.2%, and trending down. During Reagan's entire two terms, which included a recession GDP growth was 7.36%. And we have yet to feel the enormous drag the ACA will impose when it kicks in next year.
Hitch, at least Obama has revered the trend. The point is that Obama is not responsible for the debt being as high as it is. Most of that debt and the policies that derive it and the interest payments due to it are clearly the responsibility of primarily three republican presidential eras.
Then you will have must recognize by now that we will have to raise the maximum tax rate on the wealthy since they are the only ones who have the money to pay off the national debt. You cannot reduce the national debt by cutting government programs because the national debt was created by past Republican presidents unfunded wars, military buildups, and misguided reduction of regulations on mortgage protection and the resultant financial death spiral that forced President Bush to jump the national debt during his last year and into the first year of Obama's administration (which is largely caused by the commitments of the prior administration).
So what do you think the maximum tax rate should be? I suggest that we have the same rate as under Eisenhower's Republican administration of 92%, which had a higher National Debt to GDP ration than we currently have. Using that rate the National Debt was reduced down to a reasonable level within less than 8 years. That would be a win-win for everyone. Any other policy will just perpetuate the problems of joblessness we currently have.