The gross national debt compared to GDP (how rich we are) reached its lowest level since 1931 as Reagan took office in 1981. It skyrocketed for 12 years through Bush I. Clinton reversed it at a peak of 67%. Bush II crossed that line on Sept. 22 and hit 69% on Sept 30. That's the highest it's been since 1955 (53 years ago).
Bush did three things to skyrocket the debt from $5.7 trillion to $10 trillion:
1. He lowered taxes on the rich (by far the biggest item).
2. He invaded Iraq instead of winning in Afghan-Pakistan (another $600 B).
3. He loosened controls on Wall Street.
As it happens, McCain backed all three policies:
(1) He backed Bush's tax cuts for the rich and now wants to give them bigger tax cuts.
(2) He was gung-ho for the Iraq war from the start.
(3) When Katie Couric asked Sarah Palin to name one time McCain suggested regulating Wall Street, she couldn't—because he never did. He crowed in the Wall Street Journal how he was always against regulation.
Obama opposed the first two and said Wall St. needed regulating.
(Sources for graph.)
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