Where Facts And Controversy In The News Come Together In Truth
Tuesday, August 2, 2011
Americas Debt Ceiling Has Been Raised Sixty Nine Times Since Eisenhower
Here’s Our Sign
Some of us do not totally understand the complexity of our federal politicians handling of the debt ceiling and other financial debacles they get us into. But, we do know that if any one of us conducted business the same way our leaders do, we would be out on the pavement looking for a new job and or facing civil - criminal charges.
The fact that our federal lawmakers and politicians are raising America’s debt limit again is just another clear sign of their leadership failure. It is a sign that the U.S. Government can’t pay its own bills. It is a sign how heavily we depend on ongoing financial assistance from foreign countries to finance our government’s reckless fiscal policies.
And keep focused, it’s been a lot of the same politicians year after year after year raising the limit!
Same Old Song And Dance
From Eisenhower to Obama (except for Harry Truman) the debt ceiling has been raised during every presidency for a total of 69 times. Obama has raised it 4 times counting this one. Reagan rings the bell for the most times that the debt ceiling was raised during a Presidents term. He signed legislation to do so 18 times in 8 years!
Here’s a breakdown of debt ceiling increases before Obama by presidency:
￭ Dwight D. Eisenhower (R): 4
￭ John F. Kennedy (D): 5
￭ Lyndon B. Johnson (D): 7
￭ Richard M. Nixon (R): 7
￭ Gerald R. Ford (R): 6
￭ Jimmy Carter (D): 6
￭ Ronald Reagan (R): 18
￭ George H. W. Bush (R): 5
￭ Bill Clinton (D): 4
￭ George W. Bush (R): 7
Note: The total of 69 times fails to include where the debt limit was temporarily increased or the expiration dates for temporary increases were extended. Factoring in those other instances, the debt ceiling was increased 86 times between the presidencies of Eisenhower and George W. Bush.
This increase is reportedly the largest in history in inflation-adjusted dollars. There was a $1.6 trillion increase in inflation adjusted dollars under President George H.W. Bush. A $1.2 trillion increase under President George W. Bush. During President Jimmy Carter's term, the limit was raised by nearly $1.4 trillion and $1.3 trillion in two separate instances.
Government officials and the media are saying that the US has never come closer to default than now. False, the U.S. was in danger of default three previous times under President George W. Bush, according to a Congressional Research Service report. Treasury used accounting measures to avoid default when the government was just millions away from hitting the debt limit in 2002 and 2003.
In 2002, Treasury Secretary Paul O'Neill threatened to resign telling Congress: “You're going to have to raise the debt ceiling or you're going to have to find a new Treasury secretary, because I'm not going to go to jail because you failed to act and I have to take some extraordinary action that is unconstitutional. I'm not going to do that.”
Where Does The Money Go?
Major components of our trillions in deficit are broken out as follows:
Social Security 20.40%
National Defense 20.10%
Low-Income Assistance 5.30%
Unemployment Comp 4.60%
Education & Training 3.70%
Federal Empl Retirement 3.50%
Other health care 2.60%
Parks & natural resources 1.30%
Foreign aid 0.90%
America has a complete failure of leadership, and the debt to prove it. Washington is shifting the burden of bad choices today onto the backs of our children and grandchildren. If this was the first or even second time in history that the ceiling debt had to be raised it would not be so crucial a sign that something is very very wrong with our government leader’s ability in Washington. It’s been 69 times. And 4 just since Obama took office.
According to a report from PolitiFact, when Eisenhower left office the debt limit was $293 billion. After Bush left office following seven increases, the limit was about $11.3 trillion. Unless federal policies change, Congress will always face demands to raise the debt limit to accommodate the growing federal debt in order to provide the government with the means to meet its financial obligations.
So while they are all standing around high fiving and patting each other on the back, (again) keep in mind that one of the the saddest parts of this entire debacle is that our leaders have allowed so many Americans to be living in constant fear these past few months because their benefits could have been stopped if this debt limit was increased.
A debt that these very same leaders (we elected) routinely increase because of their own failure to run our government efficiently.
End of Story
WV News 2011