Republicans and Debt

Here are some fascinating numbers from the most recent Harper’s Index:

* Seventy-one percent of current U.S. debt was accumulated during Republican presidential terms.
* Two-thirds of debt-ceiling elevations since 1960 have been signed into law by Republican presidents.
* In 1961 the percentage of corporate profits paid in taxes was nearly forty-one; now it is less than eleven.
* Seventy-five percent of the increase in corportate profit margins since 2001 has come from depressed wages.
* The value of government subsidies that will go to oil and gas industries between now and 2015 is estimated at $78,155,000,000.

Comments

  1. dingojack says

    “Two-thirds of debt-ceiling elevations since 1960 have been signed into law by Republican presidents.”
    To be fair, in the 50 years since 1961 there has been 28 years of Republican Presidents (56%) and 22 years of Democratic Presidents (44%).
    So even if both raised the debt ceiling as frequently as each other, the Republics would have raised it more often (56% of all debt-ceiling elevations since 1961… )
    Dingo
    —-
    PS: Just thought I should point that out, otherwise I agree totally.

  2. John Hinkle says

    In 1961 the percentage of corporate profits paid in taxes was nearly forty-one; now it is less than eleven.

    Maybe that’s one reason why they borrow so much from social security. Let the fat cats keep their profits and kick some back to the politicians as campaign contributions, and make up the lost revenue by “borrowing” it from the little guy.

    Good plan! Smoke ‘em if you got ‘em!

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