This is an excellent article on the sources of federal debt.
Most of the debt is attributable to Johnson and Nixon due to Medicare, Medicaid, and expansion of SS benefits.
These alone are the cause of 2/3 of the debt.
But since 2000, these are the culprits.
"In 2000, U.S. debt held by the public was about 34 percent of GDP. As 2023 started, the amount of debt was 97 percent — an astonishing leap. Under this analysis, which assumes Obama’s tax cuts should be counted as extensions of Bush’s tax cuts, roughly two-thirds of rise in the debt-to-GDP ratio can be attributed to three policies: the Bush tax cuts and the extensions (37 percent); the wars in Iraq and Afghanistan launched by Bush and sustained by his successors (18 percent); and the Trump tax cuts (10 percent). Pandemic emergency spending passed in 2020 accounts for 23 percent of the increase. But this analysis sidesteps the fact that Obama signed into law two major tax cuts that contributed significantly to the nation’s long-term fiscal imbalance. The Obama White House celebrated the bill as reducing the federal deficit, and Obama was not reluctant to sign it. “This agreement will also grow the economy and shrink our deficits in a balanced way — by investing in our middle class, and by asking the wealthy to pay a little more,” Obama said in a statement at the time."
According to these figures the Bush administration is responsible for a whopping 55 percent of the debt increase since 2000 and Trump is responsible for 33 percent but the democrats were also enthusiastic about the 2020 pandemic spending bill.
Most of the debt is attributable to Johnson and Nixon due to Medicare, Medicaid, and expansion of SS benefits.
These alone are the cause of 2/3 of the debt.
But since 2000, these are the culprits.
"In 2000, U.S. debt held by the public was about 34 percent of GDP. As 2023 started, the amount of debt was 97 percent — an astonishing leap. Under this analysis, which assumes Obama’s tax cuts should be counted as extensions of Bush’s tax cuts, roughly two-thirds of rise in the debt-to-GDP ratio can be attributed to three policies: the Bush tax cuts and the extensions (37 percent); the wars in Iraq and Afghanistan launched by Bush and sustained by his successors (18 percent); and the Trump tax cuts (10 percent). Pandemic emergency spending passed in 2020 accounts for 23 percent of the increase. But this analysis sidesteps the fact that Obama signed into law two major tax cuts that contributed significantly to the nation’s long-term fiscal imbalance. The Obama White House celebrated the bill as reducing the federal deficit, and Obama was not reluctant to sign it. “This agreement will also grow the economy and shrink our deficits in a balanced way — by investing in our middle class, and by asking the wealthy to pay a little more,” Obama said in a statement at the time."
According to these figures the Bush administration is responsible for a whopping 55 percent of the debt increase since 2000 and Trump is responsible for 33 percent but the democrats were also enthusiastic about the 2020 pandemic spending bill.
