Ever wanted to know Federal debt by President of the USA? How about federal deficit by year? How about which president is responsible for the most economic growth and surplus in the history of the USA?
First some fun facts: With the national debt topping 16 trillion dollar you might be asking yourself who we owe that money to. China only owns 8% of our debt. 75% of our debt is actually owed to the Social Security administration Trust Fund, and pension plan for civil service workers and military personnel. When a child is born he/she already owes $13,000 in state taxes alone.
So what president has contributed the most to national federal debt?
- 4.8 trillion – Bush Jr. (Republican)
- 4.7 trillion Obama (Democrat)
- 1.4 trillion Reagan (Republican)
- 1.3 trillion Bush Sr. (Republican)
NOTE: Although Reagan’s 1.4 trillion might not sound like a lot , compared to 2012 debt levels, in fact Reagan’s economic policies doubled the debt during his Presidency. Mainly because he cut the top income tax rate from 70% to 28%, and the corporate rate from 48% to 34%.
What president was responsible for the highest surplus in American history?
President Bill Clinton: First Term = $496 billion. Second Term = $559 billion surplus.
How did Bill Clinton create the largest economic growth and surplus in US history?
“It turns out that advancing equal opportunity and economic empowerment is both morally right and good economics. Why? Because poverty, discrimination and ignorance restrict growth. When you stifle human potential, when you don’t invest in new ideas, it doesn’t just cut off the people who are affected; it hurts us all.” – Bill Clinton
Fun Fact: Democratic presidents have overseen the creation of nearly twice as many jobs as Republican presidents since 1961.