Missed this on Friday, but the National Debt passed $10 Trillion Dollars. And as the article reports:
“gross national debt as a percentage of the gross domestic product has, under the Bush Administration, hit a 50-year high. The debt grew the fastest under supply-siders Ronald Reagan, George H.W. Bush, and George W. Bush.
As the Center for Budget Policy and Priorities has shown, 42% of the “fiscal deterioration” and explosion of the deficit that occurred under Bush was due to tax cuts:
The key factors have been large tax cuts and increases in security-related programs. For fiscal 2009, some $1 trillion of the $1.3 trillion deterioration in the nation’s fiscal finances stems from policy actions, and tax cuts account for 42 percent of this $1 trillion deterioration.
So it seems that while high-mindedly giving lip service to “responsibility with the people’s money”, the so-called fiscal conservatives are shoveling money like crazy out the back door to their pals and leaving the rest of us to pay the bills. So not only are these children of Goldwater (said tongue in cheek) bad with money, they’ve got the logic all wrong too(surprise), since the current equation is really Conservatives=Debt.