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The Story behind the National Debt
By Lloyd Lofthouse   

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I'm not going to talk about what might happen but what has already happened.

In fact, history is the best teacher—not a fortuneteller with a crystal ball looking into a future that might not materialize. 

Fortunetellers warned us that the world was going to end on May 21, 2011. It did not unless we are all ghosts.
Now the fortunetellers say they made a mistake and it will happen on October 21, 2011. I wonder how much money these fortunetellers make off gullible fools.
Conservatives are doing an excellent job of deflecting the blame from those that are responsible for the growth of the national debt. Once you spend time studying the history of the National Debt, you will learn that President Obama is not guilty for the mess we have today.
I was reading the AARP Bulletin this morning for June 2011, and if I hadn't been, I wouldn't have been curious enough to dig deeper into the history of the National Debt to discover the truth that the Republican Party doesn't want Americans to remember.
The AARP Bulletin taught me that the national debt is older than America. In fact, Alexander Hamilton called it "the price of liberty".
The accumulation of debt, Hamilton wrote is "perhaps the NATURAL DISEASE of all governments," and America had a national debt before it was a nation.
A quick history of the national debt will reveal which presidents are responsible for growing this cancer the most and the reasons for most of that growth.
From Executive, we learn "The first debt limit was passed in 1917 on the eve the United States’ entry into World War I. In fact, according to the Congressional Research Service report, the measure helped finance the nation’s war effort."
"Originally, Congress had to approve specific loan and bond issues individually, but in creating the debt ceiling, it essentially turned the management of federal debt over to the Treasury, while retaining control through a limit on total federal debt.”
The debt ceiling was raised repeatedly during World War II, once every year from 1941 to 1945. In the years immediately following the war, the ceiling was actually lowered.
However, according to the CRS report, since 1962, Congress voted through 74 separate measures to raise the debt ceiling.
Of those 74, 10 occurred in the past decade according to National Journal reports. Seven of those ten happened under Republican President G. W. Bush.
If you click on this link and look at the National Debt Chart, you will discover which presidents are responsible for most of the growth in the National Debt. You will learn that under Democratic Presidents Jimmy Carter and Bill Clinton, the National Debt was either stable and did not grow much or was reduced. 
Then G. W. Bush moved into the White House and added more to the National Debt than any president in US history including President Obama (to date).
CBS News tells us, "By the time George W. Bush was inaugurated in 2001, the National Debt stood at $5.7-trillion. He ran up more debt faster than nearly all of his predecessors combined: just under $4.9-trillion."

The National Debt stood at $10.6-trillion on the day Barack Obama took office.
To date, President Obama has added $3.7 trillion to the national debt. Do not forget, if you study the history of the National Debt, war adds to that debt faster than almost anything else does, and Obama did not start the wars that he inherited from President G. W. Bush.
1. The war against terror
2. The Iraq War
3.  The war in Afghanistan
According to the Center for Defense Information, the estimated cost of the wars in Iraq and Afghanistan will reach $1.29 trillion by the end of fiscal year 2011. Source: Info Please
In addition, the Congressional Research Service says, "Between 2009 and 2010, average monthly DOD spending for Afghanistan grew from $4.4 billion to $6.7 billion a month."

Then, let us not forget the 2008 global financial crises, which originated in the US under the watch of a Republic president.
On June 5, 2011, according to Total Collapse, the global financial crisis of 2008 that President Obama inherited from G. W. Bush cost over $20 trillion, caused millions of people to lose their jobs and homes in the worst recession since the Great Depression, and nearly resulted in a global financial collapse.
Ever since that crash, Republicans and their mouthpieces such as the Tea Party, Rush Limbaugh, Glenn Beck and Anne Coulter have been scrambling to shift the blame to the Democrats and President Obama.
What is the lesson to be learned?
The next time conservatives or liberals attempt to scare you with predictions of a future that may never happen, look back at history for the facts to discover who is responsible for the mess.
Don't buy into fear of the future from a fortuneteller staring into a cloudy crystal ball. These people do not want you to know the truth.
Lloyd Lofthouse is the award-winning author of the concubine saga, My Splendid Concubine & Our Hart. When you love a Chinese woman, you marry her family and culture too.


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