Posted on July 5th, 2011 Blogger News Network (blog)
As the ongoing debate over raising the debt ceiling of the U.S. national debt continues, several key issues are being disregarded by the Tea Party and Conservative Republicans in their efforts to eliminate entitlement programs to reduce the national debt. A prime example of Republican “revisionist history” when their party does not control the White House.
According to CBS News, the national debt will increase by approximately $880 billion in 2011 as a result of defense spending in Iraq, Afghanistan and Lybia alone. According to CBS and other credible sources, the spending on these wars in the last ten years approaches $2 trillion. As of June 22, 2011, the national debt has risen to an all-time high of $14.2 trillion.
In comparison, the debt was a mere $270 billion after World War II and, by the time Richard Nixon began his second term in 1973, the debt had grown to $466 billion. The debt increased by nearly $5 trillion (71.9%) during the recent Bush administration. It’s the biggest increase under any president in U.S. history. The two-term Bush administration raised the debt limit seven times to a final amount of $10.6 trillion by late summer 2007.
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