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Who is responsible for the huge national debt?
bush bush bush???
22 Answers
- Abraham LincolnLv 71 decade agoFavorite Answer
Both parties. The tea party seems to have grabbed the GOP and shook them, so they seem to be coming back in line with their traditions. There are some die hard RINOs that have expressed their displeasure with the Tea Party. One would be Dick Lugar of IN. When Lugar took office, the debt was less then on trillion, his heavy handed spending is a portion of the problem. He will lose that seat in 2012
- Anonymous1 decade ago
As a quick addendum, it’s worth pointing out which presidents are most responsible for running up the national tab. We’ll go back five.
1) Ronald Reagan (1981-1989): Inherited roughly $908 billion in debt, and took it up to $2.6 trillion. Change: +186%.
2) George H.W. Bush (1989-1993): Took Reagan’s $2.6 trillion up to $4.2 trillion. Change: +62%.
3) Bill Clinton (1993-2001): Took Bush’s $4.2 trillion up to $5.7 trillion. Change: +36%.
4) George W. Bush (2001-2009): Took Clinton’s $5.7 trillion up above $10.6 trillion. Change: +86%.
5) Barack Obama (2009-2010): So far, has taken Bush’s $10.6 trillion up to $13 trillion. Change: +23%
Source(s): Click the links below for more info: http://www.franklindebtrelief.com/about.html - ?Lv 41 decade ago
Bush did play a part when it came to government borrowing - in fact, he borrowed from the Chinese. However, you must also blame Goldman Sachs, AIG and other large buisnesses within America, for exploited the situation during the Troubled Asset Relief Program - in which they made billions from Americans.
- robert xLv 71 decade ago
In some ways The US is now finding that being a super power is ultimately unaffordable and is ruinous, Great Britain found this out when after fighting two world wars and numerous other conflicts
very nearly became bankrupt at the end of the 2nd world war. The fact is wars cost money, weapons cost money, keeping armies navies and air force equipped with the latest weapons , paying government employees salaries, and benefits all cost lots of cash.,
Yep YOU.. and every other american, who continue to live beyond their means , tolerate profligate politicians support tax doges and cuts for the rich ,Allowing jobs and industries to close while buying cheap goods made in china .. and continuing to support fighting wars that are unnecessary. and loads of other things ..
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- 1 decade ago
Both Parties. The largest Programs are SS, Medicare, and Defense. To say just Republicans is biased since those Social Programs have grown into monsters over the decades, and now Americans are dependent upon them because they paid into them.
- theREALtruth.comLv 61 decade ago
Bush increased the debt by $4.5T over eight years. Obama has already increased national debt by about $4.2T in just over two years.
- 1 decade ago
Whilst the source of the problems started when the US turned their banking system into a social housing programme, those nations who bought into this adding fuel to the money fire only have themselves to blame.
- Anonymous1 decade ago
I would have to say that our last 20 or so presidents own this debt and are a reason for it. Over borrowing, Not being fiscally responsible, SS, Welfare, Medicaid, now Obamacare.
- Ms. BeahavenLv 71 decade ago
Bush spent a lot, but Obama takes the cake, and everything else we work for.
- BruceNLv 71 decade ago
It has been around a long time, but 90% of the debt since WWII, has been incurred under Republicans. The annual interest is about $500 billion, so it continues to get worse.