Wednesday, October 27, 2010

National Debt: A National Disgrace

Shovel Ready Debt

Who drove us into this ditch, again?

*By: Larry Walker, Jr.* [updated]

In the United States, the total debt outstanding as of September 30, 2010, stood at $13,561,623,030,891.70. It’s interesting to note that over the past 40 years, 69.1% of this debt is attributable to Democrat led congresses, and only 28.1% to Republicans. If we agree that the National Debt has reached the crisis level, then the question we must ask ourselves is, “Whom do I trust?” And before I go further, let me point out that I am neither a Republican nor a Democrat. I am a member of the Give Me The Damn Keys Back Party. No, actually I am a member of America’s Independent Party (AIP). Now, let’s check the record.

1971 to 1977 [Democrat Debt $249,514,293,050.07]

Carl Bert Albert represented Oklahoma's 3rd congressional district as a Democrat for 30 years. He served as the 54th Speaker of the United States House of Representatives from 1971 to 1977. During his six-year term as Speaker, Mr. Albert added $249,514,293,050.07 to the national debt, which represented an increase of 67.3%.

1977 to 1987 [Democrat Debt $1,504,869,616,658.42]

Thomas Phillip "Tip" O'Neill, Jr. represented the 8th and 11th congressional districts of Massachusetts as a Democrat for 34 years. He served as the 55th Speaker of the House from 1977 until his retirement in 1987, making him the second longest-serving Speaker in U.S. history. During his ten-year term as Speaker, Mr. O’Neill added $1,504,869,616,658.42 to the national debt, which represented an increase of 242.6%.

1987 to 1989 [Democrat Debt $732,128,343,528.90]

James Claude Wright, Jr., usually known as Jim Wright, represented the 12th congressional district of Texas as a Democrat for 34 years. He served as the 56th Speaker of the House from 1987 to 1989. During his three-year term, he added $732,128,343,528.90 to the national debt, which represented an increase of 34.4%.

1989 to 1995 [Democrat Debt $1,835,318,949,826.00]

Thomas Stephen Foley represented Washington’s 5th congressional district as a Democrat for 30 years. He served as the 57th Speaker of the House from 1989 to 1995. During his five-year term as Speaker, Mr. Foley added $1,835,318,949,826.00 to the national debt, which represented an increase of 64.2%.

1995 to 1999 [Republican Debt $833,443,098,884.30]

Newton Leroy "Newt" Gingrich represented Georgia’s 6th congressional district as a Republican for 20 years. He served as the 58th Speaker of the House from 1995 to 1999, ending 40 years of the Democratic Party being in the majority. During his four-year term as Speaker, Mr. Gingrich added $833,443,098,884.30 to the national debt, which represented an increase of 17.8%.

1999 to 2007 [Republican Debt $2,980,780,890,317.61]

John Dennis "Denny" Hastert represented Illinois’s 14th congressional district as a Republican for 20 years. He served as the 59th Speaker of the House from 1999 to 2007. During his eight-year term as Speaker, Mr. Hastert added $2,980,780,890,317.61 to the national debt, which represented an increase of 53.9%.

2007 to 2010 [Democrat Debt $5,054,649,131,676.47]

Nancy Patricia D'Alesandro Pelosi has represented California’s 8th congressional as a Democrat for 23 and one-half years. She has served as the 60th Speaker of the House since January 4, 2007. During her four-year term as Speaker, Mrs. Pelosi has added $5,054,649,131,676.47 to the national debt, which represents an increase of 59.4%.

Recap

Democrats have controlled the Congress for 28 of the last 40 years. Over this 40 year span, Democrat led congresses have added $9,376,480,334,739.86 to the national debt, which represents 69.1% of the total debt outstanding (as of 09/30/2010). In comparison, Republican led congresses have added $3,814,223,989,201.91 to the debt, which represents 28.1% of the total outstanding. In contrast, Nancy Pelosi is responsible for adding a grand total of $5,054,649,131,676.47, or 53.9% of the Democrats debt, and 37.3% of the total debt outstanding, in just four years.

During their 12 years of majority control, Republicans, Gingrich and Hastert added an annual average of $317,851,999,100.16 to the national debt. In contrast, in her short four-year term, Nancy Pelosi has added an annual average of $1,263,662,282,919.12. What Nancy Pelosi has done to this country in the last four years is nothing short of a national disgrace.

The question is which party do you trust to put a cap on our debt crisis: Democrat, Republican, or Independent?

Addendum: Harry Reid was sworn in as the 24th Senate Majority Leader at the same time that Pelosi became Speaker of the House, on January 4, 2007.

_______________

U.S. Constitution - Article 1 Section 7: "All bills for raising Revenue shall originate in the House of Representatives; but the Senate may propose or concur with Amendments as on other Bills."

References:

http://www.treasurydirect.gov/govt/reports/pd/histdebt/histdebt.htm

http://en.wikipedia.org/wiki/Speaker_of_the_United_States_House_of_Representatives

Related: Minus 6.8 Million: Harry Reid’s Record on Jobs

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