National Debt Info-Graphic by President 1945 – 2012

By president, starting with Truman in 1945, this info-graphic shows the growth of the national debt, the growth of the interest on the national debt, the lowest and highest tax rates at the beginning of each president’s term, the average GDP per president and the average unemployment rate during each president’s term.

In addition, at the bottom, the senate and house majorities are included for each president. Red is for the GOP (Republicans) and blue is for the Democrats. This way, anyone may see which party held the majority in one or both houses of Congress during periods where the debt increased the fastest. Starting with Reagan to Obama but not including Obama, the fastest gains were when a Republican was president and the GOP held a majority in one or both houses of Congress.

Using all of the data on this info-graphic, you may discover who holds the most responsibility by president and/or Congress for the growth of the national debt.

Starting with President Carter, pay attention to the growth of the debt in comparison to the changing tax rates and you may discover one of the reasons for the more than $16 Trillion national debt.

Also pay attention to the average unemployment rates of each president and you will learn that as the taxes went down, federal spending went up, and unemployment climbed (on average).  Growth of annual GDP also started to drop as taxes dropped. From Truman – Ford, annual GDP averaged 3.85%, but from Carter to G. W. Bush, GDP averaged 2.96%.

Unemployment also went up as taxes went down. Truman to Ford, the average unemployment rate was 5.41% (and that includes the 8.09% under Ford).

From Carter to G. W. Bush, the average unemployment rate increased to 6.17%.

In fact, starting with Reagan, the total debt each president is responsible for includes the interest to December 2012.

Infographic on National Debt by President

– CLICK on INFO-GRAPHIC for LARGER IMAGE! –

* Reagan was responsible for lowering taxes from seventeen brackets to two brackets and those rates appear in G. H. W. Bush’s column

** The G. W. Bush tax cuts appear in President Obama’s column. However, in 2008, his last year in office, it was the worst year for jobs since 1945 and the unemployment rate was 7.2% in December. The total number of jobs lost in 2008 was 2.6 million. In addition, under-employment reached a record high from 715,000 to 8 million people, the highest since such records were first kept in 1955.  Source: CNN.com

Then in 2008, G. W. Bush’s last year as president, the average GDP for the 4th quarter dropped to almost a minus10%. Source: Treasury.gov

*** Unemployment reached a high of 10% in October 2009 while GDP retreated to a minus 2.6%.  The lowest unemployment rate reached 7.8% in September 2012 (Obama’s presidency does not end until 2016 so we do not have average unemployment for his term or a final average GDP). Source of data: bls.gov

Total GDP growth since 2009 to the first quarter in 2012 has been + 6.8%. Source: Treasury.gov

Data and facts mostly from primary sources:

Note: Deductions are not accounted for

  • Tax Rate in 1945 under Truman (listed tax rates and brackets apply to all taxpayers with twenty-five tax brackets) – average unemployment during his term was 4.26% while GDP grew + 4.82%. Note: During the Great Depression, unemployment reached as high as almost 25%.

23% on earnings up to $2,000 but not over – adjusted for inflation $24,931
50% on earnings of $14,000 to $16,000 – adjusted for inflation $174,517 – 199,499
75% on earnings of $44,000 to $50,000 – adjusted for inflation $174,517 – 199,449
94% on earnings over $200,000 – adjusted for inflation $2,493,107

  • Tax Rate in 1953 under Eisenhower (married filing separately with twenty-four/twenty-six tax brackets) – average unemployment was 4.89% during his term while GDP grew + 3%.

22.2% on earnings up to $2,000 but not over – adjusted for inflation $16,807
53% on earnings of $14,000 to $16,000 – adjusted for inflation $117,652 – 168,882
75% on earnings of $44,000 to $50,000 – adjusted for inflation $369,764 – 420,187
92% on earnings over $200,000 – adjusted for inflation $1,680,746

  • Tax Rate in 1961 under Kennedy (married filing jointly with twenty-four/twenty-six tax brackets) – average unemployment was 5.97% during his term while GDP grew + 4.65%.

20% on earnings up to $4,000 but not over – adjusted for inflation $30,017
50% on earnings of $32,000 to $36,000 – adjusted for inflation $240,139 – 270,156
75% on earnings of $100,000 – 120,000- adjusted for inflation $750,434 – 900,520
91% on earnings over $400,000 – adjusted for inflation $3,001,734

  • Tax Rate in 1963 under LBJ (married filing jointly with twenty-four/twenty-six tax brackets) –average unemployment was 4.17% during his term while GDP grew + 5.05%.

20% on earnings up to $4,000 but not over – adjusted for inflation $29,331
50% on earnings of $32,000 to $36,000 – adjusted for inflation $234,645 – 263,976
75% on earnings of $100,000 – 120,000- adjusted for inflation $733,267 – 879,920
91% on earnings over $400,000 – adjusted for inflation $2,933,067

  • Tax Rate in 1969 under Nixon (married filing jointly with twenty-five/thirty-three tax brackets) – average unemployment was 5.09% during his term while GDP grew + 3%

14% on earnings up to $1,000 but not over – adjusted for inflation $6,114
36% on earnings of $24,000 to $28,000 – adjusted for inflation $164,733 – 171,644
53% on earnings of $52,000 – 64,000- adjusted for inflation $317,922 – 391,289
70% on earnings over $200,000 – adjusted for inflation $1,222,777

  • Tax Rate in 1974 under Ford (married filing jointly with twenty-five/thirty-three tax brackets) – average unemployment was 8.09% during his term while GDP grew +2.6%.

14% on earnings up to $1,000 but not over – adjusted for inflation $4,551
36% on earnings of $24,000 to $28,000 – adjusted for inflation $109,231 – 127,437
53% on earnings of $52,000 – 64,000- adjusted for inflation $236,668 – 291,284
70% on earnings over $200,000 – adjusted for inflation $910,262

  • Tax Rate in 1977 under Carter (married filing Jointly with twenty-six/thirty-four tax brackets) – average unemployment was 6.54% during his term while GDP grew +3.25%

0% on earnings up to $3,200 but not over – adjusted for inflation $11,848
36% on earnings of $27,200 to $31,200 – adjusted for inflation $100,712 – 115,522
53% on earnings of $55,200 – 67,200- adjusted for inflation $204,385 – 248,817
70% on earnings over $203,200 – adjusted for inflation $752,375

  • Tax Rate in 1981 under Reagan (married filing jointly with sixteen/seventeen tax brackets) – average unemployment was 7.54% during his term while GDP grew 3.4%

0% on earnings up to $3,400 but not over – adjusted for inflation $8,393
37% on earnings of $29,200 to $35,200 – adjusted for inflation $73,806 – 86,888
54% on earnings of $60,000 – 85,600 – adjusted for inflation $148,105 – 211,297
70% on earnings over $215,400 – adjusted for inflation $531698

  • Tax Rate in 1989 under G. H. W. Bush (married filing jointly with two tax brackets) – average unemployment was 6.3% during his term while GDP grew 2.17%

15% on earnings up to $30,950 but not over – adjusted for inflation $56,004
28% on earnings over $30,950 – adjusted for inflation $56,004

  • Tax Rate in 1993 under Clinton (married filing jointly with five tax brackets) – average unemployment was 5.2% during his term while GDP grew 3.88%.

15% on earning up to $36,900 but not over – adjusted for inflation $57,298
39.6% on earnings over $250,000 – adjusted for inflation $388,200

  • Tax Rate in 2001 under G. W. Bush (married filing jointly with five tax brackets) – average unemployment was 5.27% during his term while GDP grew 2.09%.

15% on earning up to $45,200 but not over – adjusted for inflation $57,267
39.1% on earnings over $297,350 – adjusted for inflation $376,725

  • Tax Rate in 2009 under President Obama (married filing jointly with six tax brackets) – average  unemployment reached a high of 10% in October 2009 while GDP shrunk a minus – 2.6%.  The lowest unemployment reached 7.8% in September 2012 (Obama’s presidency does not end until 2016 so we do not have average unemployment or GDP for his term). Source: bls.gov

10% on earnings up to by not over $16,700 – adjusted for inflation $17,466
25% on earnings of $67,900 – 137,050 – adjusted for inflation $71,015 – $143,338
35% on earnings over $372,950 -adjusted for inflation $390,060

____________________________

According to Dave Manuel.com, “From 1948 through to 2009, the United States economy has grown by an average of 3.28% per year. … If we exclude Barack Obama due to incomplete data, then the worst performance was turned in by George W. Bush, as the economy grew by an average of 2.09% per year during his time as president.”

“Democrats have occupied the White House in 26 of the 62 years since 1948. Average GDP growth in the country over those 26 years has been 4.01%.

“Republicans have occupied the White House in 36 of the 62 years since 1948. Average GDP growth over those 36 years has been 2.75%.”

Do you know the difference between a primary fact gathering source, the media and an opinionated radio or TV talk show or Blog?

Answer: primary fact gathering sources are where the media, talk shows and Blogs get their facts. A few examples of primary fact gathering sources are the US Treasury, the Bureau of Labor Statists, the Centers for Disease Control, the FBI, the CIA Factbook and the World Bank.

However, then what the public hears may be distorted due to political and/or religious bias or political agenda.

The US Treasury reports that, “From 2009 to the present, federal revenues relative to the economy have been at their lowest levels in 60 years.

However, “Growth in the U.S. has outpaced that of other advanced economies (Germany, Euro area, Japan and UK) affected by the global financial crisis.

“Total GDP growth since 2009 to the first quarter in 2012 was + 6.8%.” But in the fourth quarter of 2008, G. W. Bush’s last year as president, average GDP was almost a minus10%.

Then by the 3rd quarter of 2009, GDP had returned to growth instead of loss and has stayed in the growth area since then. Source: Treasury.gov

Other sources used for this post:

Tax Foundation.org

Multpl.com – Unemployment

Truthful Politics.com

World Bank.org

Discover more from The Evolution of a National Burden

______________

Lloyd Lofthouse is the award-winning author of The Concubine Saga.

To follow this Blog via E-mail see upper left-hand column and click on “Follow”

First 2012 Presidential Debate

I watched about fifteen minutes of the first debate then turned it off. I didn’t want to waste any more of my time. I had better things to do.

Instead, I waited for the fact checkers and the analysts to examine the claims made by Obama and Romney during the debate.

The morning after the debate, I learned that the perception was that Obama lost the first debate by a WIDE margin.

Further reading revealed that President Obama lost because he wasn’t as aggressive as Romney or should I say he only exaggerated and made half as many false claims as Romney did and many of Romney’s exaggerations were WHOPPERS.

For example: inflating the unemployment numbers from 12.5 million to 23 million compared to Obama inflating the number of jobs created to 5 million from the actual number of 4.63 million.

There is a HUGE difference between 370,000 jobs and 10.5 million unemployed people that did not exist.

Fact check.org said, “Romney came off as a serial exaggerator”.

I read the report from Fact Check.org and counted the exaggerations and false claims made by each of the White House contenders and discovered that Romney exaggerated twice as much as Obama and that Romney’s false claims made Obama look terrible, then President Obama stumbled defending himself against Romney’s false claims magnifying the perceptions of Americans watching the debates.


In fact, the exaggerations and false claims (a LIE  is a LIE no matter the term used to soften its impact) were so huge it is obvious that President Obama was not ready to deal with them.

If the majority of Americans that vote want the BIGGER liar to be its next President, the United States deserves who moves into the White House but beware the devil you do not know.

As an example, instead of regurgitating what Fact Check.org has already reported, I will point to one of Romney’s lies.  Romney claimed that Obama was responsible for an annual trillion dollar deficit without revealing the facts behind that claim (why would he?—the truth would sink his chance to move into the White House).

Romney said that the deficit doubled under Obama.  Not true. Obama inherited a $1.2 billion deficit and the deficits have remained (due to budget items mostly beyond any President’s control) at or above that level every year since because you cannot “get blood out of a rock” (my words).

What about the truth?

Fact Check.org said, “Obama added to the 2009 deficit, but not by much. We found that Obama was responsible at most for an additional $203 billion. The government ended $1.4 trillion in the red that year. The deficits were about $1.3 trillion each year for the next two years , and this fiscal year just ended with a shortfall of nearly $1.2 trillion.”

In one piece that I read this morning, it was mentioned that the Iraq  (2003 – 2011) and Afghan (2001 -) wars have been and are still being funded by borrowed money.

A point missed by everyone, it seems, was that no one made the connection that this borrowed money adds to the annual deficit and grows the interest on the annual deficit that adds to the national debt.

Cost of War.com says, “Total War Funding: $1.38 trillion has been allocated to date to fund the wars in Iraq and Afghanistan, including $121.1 billion in fiscal year 2012 (for a total of $1.5 Trillion—all borrowed adding to the national debt and the interest on that debt).

Let’s see what the interest is on debt that President Obama inherited and discover where the national debt comes from.

The National debt is currently $16 trillion and in 2012 the interest on that debt will be almost $360 billion. No matter how Romney or the GOP spins the facts, President Obama is not responsible for most of that national debt or its continued growth.

In fact, he inherited $13.76 Trillion (86%) of the national debt, and the interest that comes with that number. for 2012, the interest on each trillion dollars is $22.5 billion.  Do the math and you may discover that $309 billion of the interest on the national debt in 2012 comes from what President Obama inherited. In Obama’s first term (2009 – 2013), that adds up to $1.235 Trillion just in inherited interest.

To discover where all of the national debt came from by president, you may want to look at Table 4: Average annual deficit at Adelphi.edu to learn that the national debt we live with today started with Republican President Herbert Hoover, who left $42.5 billion in national debt when he was voted out of office in 1933.


Including President Hoover, GOP presidents are responsible for $8.73 Trillion of today’s national debt and $196.4 billion in interest for 2012, and Democratic presidents $5.02 Trillion in addition to $112.95 billion in interest for 2012.

F. D. Roosevelt and President Obama are the only Democratic presidents that added more than one trillion dollars to that debt and both presidents had to deal with war/s and each had an economic crisis that was inherited from GOP presidents.

When the Great Depression started in 1929, unemployment was less than 4%. During the one term that Herbert Hoover was President (1929 – 1933), unemployment exploded:

1929 – 3.2%
1930 – 8.9% unemployment
1931 – 16.3%
1932 – 24.1%
1933 – 24.9%

We cannot blame Hoover for the Great Depression. We can only blame him for how he handled the crises, but who did Hoover inherit the Great Depression from?

W. G. Harding (1921-1923) Republican
C. Coolidge (1923-1929) Republican

Then in 1933, F. D. Roosevelt (Democrat) was elected President and unemployment started to drop from Hoover’s high of 24.9%, and to achieve both putting people back to work and winning World War II, FDR borrowed $1.4 Trillion adding that sum to the national debt started by Hoover’s failed policies.

Unemployment under FDR:

1934 – 21.7%
1935 – 20.1%
1936 – 16.8%
1937 – 14.3%

In fact, by the end of 1941 when World War II started with the bombing of Pearl Harbor (December 7, 1941), unemployment was down to 10%. Franklin D. Roosevelt was President from 1933 – 1945 (he died in office).

How does President Obama’s unemployment numbers compare to the Great Depression era (NOTE: 2009 was the last year of President G. W. Bush’s policies and budgets—2010 marks the beginning of President Obama’s policies and budgets):

2008 – 4.70% unemployment
2009 – 7.30%
2010 – 9.90%
2011 – 9.8%
2012 – 8.10%

Compare and contrast unemployment for the early years of the Great Depression with President Obama’s first four years in office.  Because there has never been a financial crises equal to the Great Depression until the Great Recession in 2007-2008 inherited from Republican President G. W. Bush, we have nothing else to compare with.

Note that President Obama never had double digit unemployment rates.

Who did a better job keeping more Americans working during his first four years as President of the United States?

A. Barack Obama
B. Franklin D. Roosevelt
C. Herbert Hoover
D. Mitt Romney

Discover Twisting History for Fun and Profit – Maybe

_______________________

Lloyd Lofthouse, a former U.S. Marine and Vietnam Veteran, is the award winning author of The Concubine Saga.

His latest novel is Running with the Enemy. Blamed for a crime he did not commit while serving in Vietnam, his country considers him a traitor. Ethan Card is a loyal U.S. Marine desperate to prove his innocence or he will never go home again.

And the woman he loves and wants to save was trained to hate and kill Americans.

To follow this Blog via E-mail see upper left-hand column and click on “FOLLOW!”