Fiscal Responsibility: Which Party has a Better Record?
When it comes to fiscal responsibility, Democratic administrations have a proven track record. The great majority of our national debt has been incurred by the past three Republican administrations. Instead of building up surpluses in preparation for the upcoming retirement of the Baby Boom generation, the current Bush administration has abandoned fiscal discipline and permitted the debt to skyrocket.
Sharp Contrast Between Parties on Annual Public Borrowing
• The U.S. government has borrowed over $5 trillion from the public in the past thirty years. In 2007, American taxpayers will pay $235 billion in net interest payments to service this debt, or 9.1 cents on every dollar of government revenues.
Over One-Third of the Total National Debt Has Been Incurred Under the Current Administration
• About $3.2 trillion of our $8.9 trillion total national debt has been accumulated during the past six years of the current Administration.
• Almost three-quarters of the total national debt has been accumulated under the past three Republican administrations – Reagan, George Bush Sr., and the current George Bush.
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