Ohio Gov. John Kasich on Sunday compared the growing federal debt to the so-called great fire of Rome, appearing to lament what he perceives as a lack of action by policymakers to reduce government spending.
Kasich led the House Budget Committee during the latter years of former President Bill Clinton's administration, when Democrats and Republicans, buoyed by the technology revolution of the 1990s, were able to find agreement on spending issues to produce budget surpluses that in late 2000 led the Clinton administration to project a $5 trillion cumulative budget surplus during the 10 fiscal years beginning in October 2001.
But Washington policymakers, largely led by Republicans, squandered the projected surplus, instead producing annual budget deficits that led to a near doubling of the federal debt, from $5.7 trillion when former President George W. Bush gave his inaugural address in January 2001 to $10.6 trillion when President Barack Obama delivered his address in January 2009.
“They blew a $5 trillion surplus,” Kasich said of Republicans in Washington during the Bush administration. The projected annual surpluses, he said, were “quickly spent, unfortunately by Republicans.”
Two recessions, wars in Iraq and Afghanistan, and Bush-era tax cuts are largely to blame. The annual growth of the federal debt largely declined during Clinton’s years in office, increased during Bush’s term, and has been steadily falling during Obama’s White House years.
More: John Kasich Compares Federal Debt To A Burning Rome, Says Republicans Share Blame
Kasich is right - but he's probably just pandering for some political presidential traction.
Kasich led the House Budget Committee during the latter years of former President Bill Clinton's administration, when Democrats and Republicans, buoyed by the technology revolution of the 1990s, were able to find agreement on spending issues to produce budget surpluses that in late 2000 led the Clinton administration to project a $5 trillion cumulative budget surplus during the 10 fiscal years beginning in October 2001.
But Washington policymakers, largely led by Republicans, squandered the projected surplus, instead producing annual budget deficits that led to a near doubling of the federal debt, from $5.7 trillion when former President George W. Bush gave his inaugural address in January 2001 to $10.6 trillion when President Barack Obama delivered his address in January 2009.
“They blew a $5 trillion surplus,” Kasich said of Republicans in Washington during the Bush administration. The projected annual surpluses, he said, were “quickly spent, unfortunately by Republicans.”
Two recessions, wars in Iraq and Afghanistan, and Bush-era tax cuts are largely to blame. The annual growth of the federal debt largely declined during Clinton’s years in office, increased during Bush’s term, and has been steadily falling during Obama’s White House years.
More: John Kasich Compares Federal Debt To A Burning Rome, Says Republicans Share Blame
Kasich is right - but he's probably just pandering for some political presidential traction.
