Even if America’s staggering income inequality means nothing to you, America’s exploding national debt should. That debt doubled from $5.8 trillion to $11.9 trillion under Republican George W. Bush. It nearly doubled again to almost $20 trillion under Democrat Barack Obama. And it is projected to explode to $30 trillion within the next decade. With Social Security, Medicare and Medicaid’s coming meltdowns making that fiscal crisis exponentially worse, real conservatives know that Washington just can’t afford to add another $2 trillion to our national debt. That is exactly what will happen if the Republican bill passes.
But creating big deficits is nothing new for the GOP. Since tax cutting became the favorite pastime for Reagan’s party, the Republicans’ fiscal record is nothing less than shameful. During Reagan’s two terms, the Gipper may have reduced the top tax rate from 70 percent to 28 percent, but defense spending exploded at the same time while Medicare coverage was expanded. Reagan’s policies nearly tripled the national debt. Under George W. Bush, it was more of the same. Bush slashed taxes, pushed through massive military increases to fund his Wilsonian foreign policy, and championed a $7 trillion expansion of Medicare. Again, not one difficult spending decision was made over eight years, and once again, the national debt skyrocketed under a Republican president.