Republicans and Democrats: champions of debt

Since 2001, Republicans and Democrats have added nearly $8 trillion of new debt.  Bush added almost $5 trillion, and Obama’s already contributed nearly $3 trillion of additional debt just 19 months into his presidency. 

Bush, a Republican Congress (for 6 years), and a Democratic Congress (for 2 years), spent trillions on overseas wars, domestic programs, Wall St bailouts, and various stimulus packages.  Obama and a Democratic Congress have spent trillions on domestic programs, overseas wars, state bailouts, housing bailouts, automaker bailouts, and a record stimulus package. 

As it stands now, the U.S. national debt sits at approximately $13.3 trillion, which amounts to about $43,000 of debt per citizen and $120,000 of debt per taxpayer. 

And what do we have to show for it, nearly 10 years later? 

16.5% effective unemployment (govt’s U6 statistic) 

A weaker Dollar 

Millions of jobs lost 

A commercial and residential real estate bust 

A stagnant stock market (in nominal terms; lower in real terms) 

A record number of Americans on food stamps 

$1 trillion+ ongoing overseas wars 

Worst income gap disparity in 80 years 

An education system that ranks in the middle of the pack of industrialized nations 

Increased reliance upon China for debt financing 

Worst economy since the Great Depression 

Based on such a clear-cut track record, most objective observers would acknowledge that the two-party policies have proven to be unsuccessful over the last decade.  So-called “mainstream” candidates of the “mainstream” parties have not delivered the goods for the American people, despite a plethora of campaign promises to the contrary. 

Perhaps the time has come for Americans to re-evaluate their decisions at the polls, forsake the status quo, and explore alternative political solutions. 

The growing thirst for an Independent third party (as reflected in recent polls) and the explosion in Independent voter registration may be the first positive signs that Americans are finally beginning to recognize the unsustainable bankruptcy of the Republican-Democrat duopoly.