2-13-2019: National Debt hits $22 Trillion
- Thread starter UCFhonors
- Start date
This is an interesting historical look. Debt / GDP is really the most important indicator:
https://www.thebalance.com/national-debt-by-year-compared-to-gdp-and-major-events-3306287
End of Fiscal Year Debt (as of 9/30, in billions) Debt/ GDP Ratio Major Events by Presidential Term
1929 $17 16% Market Crash. Depression reduced taxed which worsened depression. Smoot-Hawley tariffs reduced trade.
1930 $16 18%
1931 $17 22%
1932 $19 33%
1933 $23 39%
1934 $27 40% FDR's New Deal increased both GDP and debt.
1935 $29 39%
1936 $34 40%
1937 $36 39%
1938 $37 43% FDR cut spending to balance budget. Depression returned. He increased debt and GDP to prepare for WWII. Depression ended.
1939 $40 43%
1940 $43 50%
1941 $49 45%
1942 $72 48%
U.S. entered WWII. Increased debt and GDP. WW II end created recession.
1943 $137 70%
1944 $204 91%
1945 $260 114%
1946 $271 119% Truman's 1st term budgets. Recession as economy adjusted to peacetime.
1947 $257 104%
1948 $252 92%
1949 $253 93%
1950 $257 89% Truman's 2nd term. Korean War (1950-1953) boosted growth and debt, but created recession when it ended.
1951 $255 74%
1952 $259 72%
1953 $266 68%
1954 $271 70% Eisenhower's budgets. Recession. Fed raised rates. Worsened recession.
1955 $274 65%
1956 $273 61%
1957 $271 57%
1958 $276 58% Eisenhower's 2nd term. Recession.
1959 $285 54%
1960 $286 53%
1961 $289 52%
1962 $298 49% JFK budgets. Cuban missile crisis. U.S. aided Vietnam coup.
1963 $306 48%
1964 $312 46%
1965 $317 43% LBJ's budgets. War on poverty. Vietnam War. Fed raised rates.
1966 $320 40%
1967 $326 38%
1968 $348 37%
1969 $354 35% Recession. Wage-priced controls. OPEC oil embargo. Nixon ended gold standard. Fed doubled interest rates. Vietnam War ended.
1970 $371 35%
1971 $398 34%
1972 $427 34%
1973 $458 32%
1974 $475 31% Stagflation. Watergate.
1975 $533 32% Ford budgets.
1976* $620 33%
1977 $699 33%
1978 $772 32% Carter budgets. Volcke raised rat to 20%. Iran oil embargo. Recession.
1979 $827 31%
1980 $908 32%
1981 $998 31%
1982 $1,142 34% Reagan budgets from 1st term. Recession.
1983 $1,377 37%
1984 $1,572 38%
1985 $1,823 42%
1986 $2,125 46% Reagan lowered taxed. S&L Crisis.
1987 $2,340 48%
1988 $2,602 49%
1989 $2,857 50% Bush 41 budgets. Desert Storm. Recession. Debt growth slowed.
1990 $3,233 54%
1991 $3,665 59%
1992 $4,065 62%
1993 $4,411 64%
1994 $4,693 64% Clinton budgets.Budget Act reduced deficit spending.
1995 $4,974 65%
1996 $5,225 64%
1997 $5,413 62%
1998 $5,526 61% Last Clinton budgets. 9/11 attacks. Recession. Bush added $22.9 billion to FY01 budget for War on Terror.
1999 $5,656 58%
2000 $5,674 55%
2001 $5,807 55%
2002 $6,228 57% First George W. Bush budgets. War on Terror cost $409.2 billion. Bank bailout cost $250 billion. Bush tax cuts.
2003 $6,783 59%
2004 $7,379 60%
2005 $7,933 60%
2006 $8,507 61% War cost $752.2 billion. Katrina cost $24.7 nillion. ARRA added $241.9 billion to FY09 budget.
2007 $9,008 62%
2008 $10,025 68%
2009 $11,910 ($11,000 on Mar 16 and $12,000 on Nov 16) 83%
2010 $13,562 ($13,000 on Jun 1 and $14,000 on Dec 31) 90% Obama Stimulus Act cost $400 billion. Payroll tax holiday ended. War cost $512.6 billion. Great Recession and tax cuts reduced revenue.
2011 $14,790 ($15,000 on Nov 15) 95%
2012 $16,066 ($16,000 on Aug 31) 99%
2013 $16,738 ($17,000 on Oct 17) 99%
2014 $17,824 ($18,000 on Dec 15) 101% War cost $309 billion. QE ended. Strong dollar hurt exports.
2015 $18,151 99%
2016 $19,573 ($19,000 on Jan 29) 104%
2017 $20,245 ($20,000 on Sep 8) 103% Congress raised debt ceiling.
2018 $21,658 ($21,000 on Mar 15) 99% Trump tax cuts and spending above sequestration. Congress suspended the debt ceiling until March 1, 2019.
2019 $22,703 (est.) ($22,000 on February 11) 108%
2020 $23,901 (est.) 108%
2021 $25,020 (est.) 108%
https://www.thebalance.com/national-debt-by-year-compared-to-gdp-and-major-events-3306287
End of Fiscal Year Debt (as of 9/30, in billions) Debt/ GDP Ratio Major Events by Presidential Term
1929 $17 16% Market Crash. Depression reduced taxed which worsened depression. Smoot-Hawley tariffs reduced trade.
1930 $16 18%
1931 $17 22%
1932 $19 33%
1933 $23 39%
1934 $27 40% FDR's New Deal increased both GDP and debt.
1935 $29 39%
1936 $34 40%
1937 $36 39%
1938 $37 43% FDR cut spending to balance budget. Depression returned. He increased debt and GDP to prepare for WWII. Depression ended.
1939 $40 43%
1940 $43 50%
1941 $49 45%
1942 $72 48%
U.S. entered WWII. Increased debt and GDP. WW II end created recession.
1943 $137 70%
1944 $204 91%
1945 $260 114%
1946 $271 119% Truman's 1st term budgets. Recession as economy adjusted to peacetime.
1947 $257 104%
1948 $252 92%
1949 $253 93%
1950 $257 89% Truman's 2nd term. Korean War (1950-1953) boosted growth and debt, but created recession when it ended.
1951 $255 74%
1952 $259 72%
1953 $266 68%
1954 $271 70% Eisenhower's budgets. Recession. Fed raised rates. Worsened recession.
1955 $274 65%
1956 $273 61%
1957 $271 57%
1958 $276 58% Eisenhower's 2nd term. Recession.
1959 $285 54%
1960 $286 53%
1961 $289 52%
1962 $298 49% JFK budgets. Cuban missile crisis. U.S. aided Vietnam coup.
1963 $306 48%
1964 $312 46%
1965 $317 43% LBJ's budgets. War on poverty. Vietnam War. Fed raised rates.
1966 $320 40%
1967 $326 38%
1968 $348 37%
1969 $354 35% Recession. Wage-priced controls. OPEC oil embargo. Nixon ended gold standard. Fed doubled interest rates. Vietnam War ended.
1970 $371 35%
1971 $398 34%
1972 $427 34%
1973 $458 32%
1974 $475 31% Stagflation. Watergate.
1975 $533 32% Ford budgets.
1976* $620 33%
1977 $699 33%
1978 $772 32% Carter budgets. Volcke raised rat to 20%. Iran oil embargo. Recession.
1979 $827 31%
1980 $908 32%
1981 $998 31%
1982 $1,142 34% Reagan budgets from 1st term. Recession.
1983 $1,377 37%
1984 $1,572 38%
1985 $1,823 42%
1986 $2,125 46% Reagan lowered taxed. S&L Crisis.
1987 $2,340 48%
1988 $2,602 49%
1989 $2,857 50% Bush 41 budgets. Desert Storm. Recession. Debt growth slowed.
1990 $3,233 54%
1991 $3,665 59%
1992 $4,065 62%
1993 $4,411 64%
1994 $4,693 64% Clinton budgets.Budget Act reduced deficit spending.
1995 $4,974 65%
1996 $5,225 64%
1997 $5,413 62%
1998 $5,526 61% Last Clinton budgets. 9/11 attacks. Recession. Bush added $22.9 billion to FY01 budget for War on Terror.
1999 $5,656 58%
2000 $5,674 55%
2001 $5,807 55%
2002 $6,228 57% First George W. Bush budgets. War on Terror cost $409.2 billion. Bank bailout cost $250 billion. Bush tax cuts.
2003 $6,783 59%
2004 $7,379 60%
2005 $7,933 60%
2006 $8,507 61% War cost $752.2 billion. Katrina cost $24.7 nillion. ARRA added $241.9 billion to FY09 budget.
2007 $9,008 62%
2008 $10,025 68%
2009 $11,910 ($11,000 on Mar 16 and $12,000 on Nov 16) 83%
2010 $13,562 ($13,000 on Jun 1 and $14,000 on Dec 31) 90% Obama Stimulus Act cost $400 billion. Payroll tax holiday ended. War cost $512.6 billion. Great Recession and tax cuts reduced revenue.
2011 $14,790 ($15,000 on Nov 15) 95%
2012 $16,066 ($16,000 on Aug 31) 99%
2013 $16,738 ($17,000 on Oct 17) 99%
2014 $17,824 ($18,000 on Dec 15) 101% War cost $309 billion. QE ended. Strong dollar hurt exports.
2015 $18,151 99%
2016 $19,573 ($19,000 on Jan 29) 104%
2017 $20,245 ($20,000 on Sep 8) 103% Congress raised debt ceiling.
2018 $21,658 ($21,000 on Mar 15) 99% Trump tax cuts and spending above sequestration. Congress suspended the debt ceiling until March 1, 2019.
2019 $22,703 (est.) ($22,000 on February 11) 108%
2020 $23,901 (est.) 108%
2021 $25,020 (est.) 108%
Clearly its more than we want it to be or should be, and i cannot defend where that money went, but 108% debt to income ratio isnt the end of the world either. I'd rather see it at about half that amount. If we can come up with a plan to balance out at this level for the next decade and then begin to chip away at it over a 15-20 year term to get it cut in half then things will be ok.
Maybe we should lower taxes for the rich so they will decide to earn more?
ive said it countless times, we need to drastically reduce the spending.
honestly, i think that if taxes were not auto deducted out of our paychecks people would finally realize how much the gov steals from them.
i guarantee that alone would fix a lot of the problems we have today.
honestly, i think that if taxes were not auto deducted out of our paychecks people would finally realize how much the gov steals from them.
i guarantee that alone would fix a lot of the problems we have today.
They would earn more directly from lower taxes. Most people even with alittle bit of wealth invest most of it. That grows the economy.
I wish I could find a way to contribute like you do Uncle Wayne.
I'm aware of this obviously but there's no evidence that 30 or 50 or 70 percent is the best number. Also in labor economics the more a person makes the less they want to work after an earnings threshold so you can make an economic case that increasing taxes on the ultra rich will raise production.They would earn more directly from lower taxes. Most people even with alittle bit of wealth invest most of it. That grows the economy.
try posting less opinion partisan crap. like how the covington boys were actually the ones being harassed. or how elizabeth warren lied about being an american indian to advance her career. or about how you believe all women unless its a dem involved then suddenly due process is in vogue. or black face gop that has to go until its a dem and then suddenly lets make sure he stays in power.
but i know you cant do that because youre a sad pathetic troll who brings nothing to the table.
What reality do you live in Uncle Wayne?
- I believe the Virginia accuser and in my limited posts on the topic I supported the Democrat being investigated.
- I never called for old black face photos to be an instant termination for GOP, only established racist behavior like with Steve King and Donald Trump.
- I didn't even post one single time in the Covington Thread
You're such a hillbilly uncle that you have no grasp on reality. You just drunkenly spew out whatever pops in your head even if you just imagined it.
certain media figures forgot this existed since 'their team' is now in the White House
The funny thing about Art Laffer is that even Keynes would have agreed with him, and literally every bit of data we have on tax rates verifies his supposition. No matter how high or low tax rates are, tax revenue remains predictably static. Thats what makes the whole discussion hilarious: no matter what you do, there is no way to generate more revenue without growth.They would earn more directly from lower taxes. Most people even with alittle bit of wealth invest most of it. That grows the economy.
honestly when it comes to spending both parties are the same. occassionally you get a rep that will vote no against spending more money.
you are full of it
glad you are sticking with your #believeallwomen schtick while avoiding that whole thread
so you dont think a guy in black face next to a kkk guy and nicknamed coonman isnt racist. LOL
sorry that was shockster
if taxes on cigarettes were meant to deter people from using them, what does an income tax do? lol
Definitely not on the same level as income taxes. Consumption taxes do effectively deter spending but income taxes have a net zero effect on production on the lowest levels, which is where the vast majority of it happens.
