Facts, not Fiction: Last Two Republican Presidents Bankrupted America

Op-ed by TheWiseOldFart

 

When Bill Clinton left office in 2001, our nation no longer had a deficit. He eliminated the national debt and left his successor with a surplus for the first time in many years.

However, George W. Bush placed our nation in two costly and unwinnable wars. His fiscal policy, originated by Ronald Reagan in 1981, known as “trickledown economics,” failed miserably. These factors led to the Great Recession and the destruction of the housing market. However, the super-rich continued to receive huge tax breaks. Their numbers grew under the failure of another right-wing president.

Trump reduced taxes once again on corporations and the wealthy. When he failed to lead our nation in the fight against the Covid-19 coronavirus in 2020, another recession neared and our economy crashed once again. He left the economy in shambles for President Biden to repair. He, too, chose a policy of trickledown economics.

The lesson I give you is simple and proven by historical fact. The majority of Americans experience a far better quality of life when Democrats and Independents control the executive and legislative branches of our government.

In response to the Treasury figures released Friday, Bobby Kogan, senior director for federal budget policy at the Center for American Progress, said that "roughly 75%" of the surge in the deficit and the debt ratio, the amount of federal debt relative to the overall size of the economy, was due to revenue decreases resulting from GOP-approved tax cuts over recent decades. "Of the remaining 25%," he said, "more than half" was higher interest payments on the debt related to Federal Reserve policy.

"We have a revenue problem, due to tax cuts," said Kogan, pointing to the major tax laws enacted under the administrations of George W. Bush and Donald Trump. "The Bush and Trump tax cuts broke our modern tax structure. Revenue is significantly lower and no longer grows much with the economy." And he offered this visualization about a growing debt ratio:

"The point I want to make again and again and again is that, relative to the last time CBO was projecting stable debt/GDP, spending is down, not up," Kogan said in a tweet Friday night. "It's lower revenue that's 100% responsible for the change in debt projections. If you take away nothing else, leave with this point."

Support for the super-rich by Republicans destroyed our economy for decades to come. America is now more than 30 trillion dollars in debt. Between 2017 and 2021, Trump bragged about the economy. He was responsible for its collapse in 2020. However, Barrack Obama must receive credit for its success between 2017 and 2019. The policies he put in place between 2009 and 2017 are responsible for the recovery from Bush 43’s failures.

Facts are facts regardless of how many times and how loudly the failed right wing preaches lies to their supporters. No one who claims to be a Republican has been successful economically since Dwight Eisenhower who left office in 1961. In fact, Ike warned against the proliferation of the military industrial complex, a major issue supported by today’s right wing politicians. The reason is simple: there are no longer true Republicans in Washington. They have abandoned their principles and morals and in 2017 imploded once and for all. Today’s “Republicans” can claim only one fact: they are now the American Fascist Party, known as “MAGA Republicans.”

Ignorance is dangerous. Choosing ignorance is destructive. I hear from many Republican voters that they favor today’s Republicans in name only because they are better for the economy. This is ignorance and totally fallacious. The facts prove that right-wing politicians vote for legislation which supports the interests of the super-rich and major corporations. America is no longer motivated by capitalism. With the assistance of politicians on the right side of the aisle, our country has become a plutocracy. The truth is a plutocracy cannot endure without the assistance of a fascist leader and his or her control of the actions of government.

With the creation of the ultra-right-wing of the House, calling themselves the “Freedom Caucus,” fascism entered our political system. These few men and women who would destroy my America often control what occurs in the House of Representatives. I find it reassuring that two men who desperately sought the position of Speaker of the House, Steve Scalise, and Jim Jordan, were rejected by their own party based on their extremist beliefs and policies.

Overall, studies reveal that the majority of Americans are somewhat progressive. MAGA Republicans are regressive. They would like to see our nation adopt the policies and practices of Germany in the 1930’s. Multiple Neo-Nazi groups received a voice in our government after their leader, Donald Trump, took residence in the White House. Trump was not a legitimate president. Vladimir Putin, James Comey, and our own mainstream media aided the worst man in the world who claimed a minimal victory in the Electoral College. He was rejected by the people, proven by the results of the popular vote.

Please vote in every election, and vote wisely. Vote for yourself and those you love, not for a political party which no longer exists.

Op-ed by James Turnage

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Source: https://www.dailykos.com/stories/2023/10/22/2200920/-The-GOP-Bush-and-Trump-tax-cuts-have-added-10-Trillion-57-to-the-debt?pm_campaign=front_page&pm_source=latest_community&pm_medium=web