Adding to national debt is an inevitable fact of being President of the United States. The extent to which debt rises under any sitting president depends not only on the policy and spending choices they have made, but also the choices made by presidents and congresses that have come before them.
Ronald Reagan and George W. Bush
President Ronald Reagan increased the U.S. debt by around 1.86 trillion U.S. dollars, or 186.36 percent. This is often attributed to "Reaganomics," in which Reagan implemented significant supply-side economic policies in which he reduced government regulation, cut taxes, and tightened the money supply. Spending increased under President George W. Bush in light of the wars in Iraq and Afghanistan. To finance the wars, President Bush chose to borrow the money, rather than use war bonds or increase taxes, unlike previous war-time presidents. Additionally, Bush introduced a number of tax cuts, and oversaw the beginning of the 2008 financial crisis.
Barack Obama
President Obama inherited both wars in Iraq and Afghanistan, and the financial crisis. The Obama administration also did not increase taxes to pay for the wars, and additionally passed expensive legislation to kickstart the economy following the economic crash, as well as the Affordable Care Act in 2010. The ACA expanded healthcare coverage to cover more than 30 million more Americans through programs like Medicare and Medicaid. Though controversial at the time, more than half of Americans have a favorable view of the ACA in 2023. Additionally, he signed legislation making the W. Bush-era tax cuts permanent.
Growth in the national debt of the United States from 1969 to 2023, by president
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Self Financial. (March 25, 2024). Growth in the national debt of the United States from 1969 to 2023, by president [Graph]. In Statista. Retrieved December 12, 2024, from https://www.statista.com/statistics/1366899/percent-change-national-debt-president-us/
Self Financial. "Growth in the national debt of the United States from 1969 to 2023, by president." Chart. March 25, 2024. Statista. Accessed December 12, 2024. https://www.statista.com/statistics/1366899/percent-change-national-debt-president-us/
Self Financial. (2024). Growth in the national debt of the United States from 1969 to 2023, by president. Statista. Statista Inc.. Accessed: December 12, 2024. https://www.statista.com/statistics/1366899/percent-change-national-debt-president-us/
Self Financial. "Growth in The National Debt of The United States from 1969 to 2023, by President." Statista, Statista Inc., 25 Mar 2024, https://www.statista.com/statistics/1366899/percent-change-national-debt-president-us/
Self Financial, Growth in the national debt of the United States from 1969 to 2023, by president Statista, https://www.statista.com/statistics/1366899/percent-change-national-debt-president-us/ (last visited December 12, 2024)
Growth in the national debt of the United States from 1969 to 2023, by president [Graph], Self Financial, March 25, 2024. [Online]. Available: https://www.statista.com/statistics/1366899/percent-change-national-debt-president-us/