More information about our nation's national debt

QUOTE from Bill Maher: "If you think you have it tough, read history books."

I've been doing some more reading on how the U.S. got into this financial mess. This is what I've LEARNED.

On Reagan's inauguration day of January 20, 1981 we had a national debt ceiling of $985 billion, 15 billion dollars short of one trillion. During Reagan's eight years in office the debt ceiling was raised 16 more times. In 1981 Reagan got Congress to pass dramatic tax cuts to the top rates. He later realized the cuts were too deep and they were modified. When Reagan left office on January 20, 1989, the national debt had tripled to $2.8 trillion.

During George H. W. Bush's four year term (January 20, 1989 to January 20, 1993) the national debt ceiling was raised to $4.145 trillion. Bush realized the growing problem with the debt and got Congress to pass tax increases, which probably caused him to lose the presidential election  in 1992.


During Bill Clinton's two terms, (January 20, 1993 to January20, 2001), the national debt ceiling was raised four times to $5.95 trillion. He got Congress to raise taxes in 1993. By 1997 the budget was balanced and the governmet was accumulating surpluses and starting to pay off our national debt.

With the reduction in the Reagan tax cuts, the increase in taxes by George H. W. Bush, and the tax increases by Clinton we ended up with a balanced budget by 1997. And there were no increases needed in  the debt ceiling because we were balancing the budget and having surpluses. The last debt ceiling increase voted by Congress during Clinton's presidency was in August, 1997.

Congress did not have to vote on raising the debt ceiling again until 2001 when there were massive tax cuts  by the George W. Bush administration.

I need some HUMOR today after wrting the above..

At the Social Security office a man was applying for his Socail Security benefit.

Staffer: Married or single?
Applicant: Single.
Staffer: Previous marriages?
Applicant: Two.
Staffer; Did either of them end in death?
Applicant: No. Both times I got out alive.