↑ NewsThink.org

Alternative history

The next chart shows what would have happened if Ronald Reagan and George W. Bush did not reduce the tax rates.

1940 1950 1960 1970 1980 1990 2000 2010 2020 20 40 60 80 100 120 % FDR Truman Eisen ower Kennedy Johnson Nixon Car ter Reagan Bush Clinton Bush Obama Tru mp Bi den 94% tax rate 70% tax rate Debt declines rapidly Debt still declines Percentage of debt to GDP Upper margin tax rate

The debt would have been comfortably below 20 percent of GDP during the Clinton administration and near-zero when Barack Obama became president. We can safely assume that the bulk of the current national debt was created by the administrations of Ronald Reagan and George W. Bush and a Congress more concerned about reducing the tax rate on the wealthy than the national debt.