The entire debt of the U.S. from its inception in 1776 until Jan. 20, 1981, was $800 billion. That included the cost of the American Revolution; creation of the government, Army and Navy; War of 1812; Louisiana Purchase; Mexican-American War; Civil War; purchase of Alaska; expansion westward; Spanish-American War; World War I; Great Depression; New Deal; World War II; Korean War; Cold War; implementation of Medicare; and the VietNam War. Total: $800 billion.
Ronald Reagan, a Republian, took office on Jan. 20, 1981, with no ongoing war or economic calamity during his presidency, engaged a tax cut, expanded spending and raised the national debt from $800 billion to $5 trillion.
George H.W. Bush, a Republican, got the U.S. into war in Iraq and raised the deficit an additional $1 trillion while implementing new taxes.
Bill Clinton, a Democrat, took office, and in the last two years of his presidency produced a surplus that was used to pay down the debt.
George H.W. Bush, a Republican, got the U.S. into two wars simultaneously — Iraq and Afghanistan — immediately adding $7 trillion to the debt. He implemented the Medicare Part D prescription drug plan without any funding to this day. He was the first president to engage in a war and simultaneously cut taxes.
Barack Obama, a Democrat, took office with two simultaneous wars and the economy, banking system and Wall Street in a free fall. Yes, he added $8 trillion to the debt, but the obstacles of two wars and a collapsed economy were unprecedented in American history. Yet, at the end of his term, the size and scope of the annual deficit was decreasing.
Donald Trump, a Republican, took office with a rebounding economy, the banking system and Wall Street intact, the Iraq and Afghanistan War and low unemployment. Yet from 2017 until 2021 he managed to balloon the national debt by an additional $8 trillion with increased spending and tax cuts while the national debt continued to climb.
The two greatest threats to the world, the Middle East and Russia, have only one exportable product or commodity: oil and natural gas. Eliminate the need worldwide and the cash flow stops and they’re effectively neutered.
We could take the position of the conservative right and eliminate the need for fossil fuels by going back to whale oil lamps and a horse and buggy. We also could bring back whaling ships and blacksmith jobs.
Michael J. Vicchiarelli, Leesburg