The debt ceiling raises were wrong, but they did NOT threaten the economic security of the United States as they do now.You do realize Reagan tripled the debt to achieve his economic miracle?
Not to mention the attendant debt ceiling raises. Which, by the way, nobody sobbed out loud (while looking like a Cheeto) about making cuts to match.
- $985 billion in February 1981;
- $999.8 billion in September 1981;
- $1.0798 trillion September 1981;
- $1.1431 trillion in June 1982;
- $1.2902 trillion in September 1982;
- $1.389 trillion in May 1993;
- $1.49 trillion in November 1983;
- $1.52 trillion in May 1984;
- $1.573 trillion in July 1984;
- $1.8238 trillion in October 1984;
- $1.9038 trillion in November 1985;
- $2.0787 trillion in December 1985;
- $2.111 trillion in August 1986;
- $2.3 trillion in October 1986;
- $2.32 trillion in July 1987;
- $2.352 trillion in August 1987;
- and $2.8 trillion in September 1987.
Debt Ceiling - Under Modern U.S. Presidents
As a percentage of GDP, under Reagan (for eight years), the economy was not threatened, nor was our credit rating. Under Obama, the percentage of GDP over Debt now threatens to destroy our very country, and our credit rating has already taken a hit.
Reagan had an obstructionist Congress. Obama spent two years in the drivers' seat with full majorities in both houses.
The comparison isn't even close. Obama has failed to live up to the achievements of Ronald Reagan, but more importantly (because invoking past Presidents is really a sign of a weak mind), Obama has failed to live up to his own desires.
And that is why we are in such straights, not the recession of 08.