From: Larry Shade
Columbus
In the years prior to 1980, the US had several events that required huge additional costs to the country — World War I, World War II, the Great Depression of 1929, the Korean War and the Vietnam War. However, after Ronald Reagan became president following his election in 1980, the national federal debt stood at less than a mere $1 trillion. But today, in 2023, the national debt has skyrocketed to more than $30 trillion.
Since 1980, every presidency has added to the nation’s debt. The only time since 1980 that the country had an individual year without a deficit was during the presidency of Bill Clinton. He had a budget surplus in four of his eight years.
The largest increases in the national debt occurred in the eight years of George W. Bush ($6.1 trillion), the eight years of Barack Obama ($8.4 trillion) and the four years of Donald Trump ($7.8 trillion). The Reagan, George W. Bush and Trump tax cuts for big corporations and billionaires, along with the costs of wars in Iraq and Afghanistan, were the main contributors.
The core of America’s businesses and livelihood of American communities before 1980 was small and medium-sized companies. These companies built the wealth in America and created a surge in the middle class. The standard of living for the average individual improved greatly. But in 1980, the direction of the economy began moving toward the power of big corporations and rich individuals. Congressional laws and tax policy shifted to greatly benefit their growth.
Over the past decades this group’s strength has become almost uncontrollable while their power continues to grow. During this time, the middle class has continued to shrink, and the workers watch as the progress they had made in their lives seems to be slowly disappearing.
