While Republicans talk a good game about the need to be fiscally responsible and their desire to balance the budget, reality shows that Democratic presidents clearly have produced better results.
The past years, for example, have seen the budget collapse from a $236 billion surplus to a $413 billion deficit. Large deficits mean higher taxes in the future, painful cuts in federal services – like Social Security, the national park system, and funding for education – or both. With large deficits, needed government investments will be under pressure and will be underfunded. In the long run, large deficits mean less private investment, and it means that we are passing a massive debt burden down to our kids and grandkids.
A new analysis by long-time fiscal analyst Richard Kogan shows clearly how different presidents have fared on their budget scorecards. By separating historical data by presidents, he finds that under Democrats, the country has had better budget and economic outcomes.
For example, over the last 42 years, Democrats have been more fiscally responsible than Republicans:
- The biggest deficits occurred under Republican administrations; and
- The budget has been balanced five times, and always under Democratic presidents.
- There have been four straight years of a fiscal deterioration – the first times this has happened since WWII; and
- This is the first time in U.S. history that deficits have continued to grow this far into an economic recovery.
- After-tax income grew faster under the responsible, progressive tax policies of Bill Clinton than under the supply-side, trickle-down policies of Ronald Reagan and George H. W. Bush;
- Job growth was also nearly four times stronger under Democratic presidents than under Republican presidents;
- Output growth is 1.6 times stronger under Democrats; and
- Wage and salary growth is over three times as strong under Democrats.
I know that the jury is still out on President Obama. This country must climb out of a huge budget hole. The President needs help and cooperation from the Republicans. I fear that this help will not be offered and the Republicans will only offer lip service and look out for the people that put them in office. To hell with the rest of us. The poor are all lazy and looking for Gov. handouts. The wealthy don't think we even wash our hands.
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