Although our national debt basically has existed since the country’s inception, the recent national deficits accumulated over the past 10 years has grown exponentially— but it can be easily explained. We simply spend more than we take in.
During President Truman’s administration, the debt as percent of gross domestic product significantly declined. However, over the years, the amount of debt has steadily increased independent of the maximum tax rate, the highest being 94 percent and the lowest being 28 percent. Based on the standard of 1983 dollars, the highest deficits were under President George W. Bush — although, as we know, President Obama has the highest public debt in the country’s history, quickly approaching $16 trillion.
Based on this I have two observations for thought. First, why is the country suddenly in a “crisis climax,” when we have been building this debt all along and we continue spending? Second, many of the senators and congressmen on both sides have been in office for years. Where were they when this debt was burgeoning and spiraling out of control?
Congress needs to learn how to cooperate, quit vilifying its own members and help solve our nation’s problems.