October was a very bad financial month for business, the public and especially for the government, as evidenced by the reports of that the National Debt had topped $10 trillion when the new fiscal year started on October 1.
Amazingly when President Bill Clinton left office in January 2001 the National Debt stood at $5.7 billion, up $1.6 billion from the roughly $4.2 billion debt he inherited. But that means the debt increased $4.3 billion in the eight years of George Bush and in reality much of the Clinton debt was left over from failed policies of the Reagan Bush years. Don't believe it? Check out the following
National Debt (rounded)
Reagan/Bush/Bush - $7.6 Trillion
Clinton - $1.4 Trillion
1791 to 1981 - $1 Trillion
Yes, the Reagan/Bush presidencies are responsible for 76% of the National Debt. And so what do Republican keep saying we need to do? Cut taxes. So let's see, you can't pay your bills so what do you do? Take a cut in pay!
Unfortunately people will look at the 2000 election and wonder why they went with the side that made a good situation bad. While the U.S. economy had problems early in the decade it is hard to believe that we would be looking at a $10 Trillion debt today.
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