The numbers are stark. In 1980, the Federal Government had run up a bonded debt of 980 Billion Dollars. This was the combined total of budget deficits run up under Presidents Roosevelt, Truman, Eisenhower, Kennedy, Nixon, Ford and Carter.
In 8 years, President Reagan added more than 1.6 Trillion Dollars to the debt, pushing the total to more than 2.6 Trillion Dollars.
In 4 years, President Bush added 1.5 Trillion Dollars worth of Red Ink, leaving American taxpayers 4.1 Trillion Dollars in the hole.
Since President Clinton took office, the debt has passed 5 Trillion Dollars. As a result of the most recent budget agreement, the Federal Government has authority to run the debt up to 5.5 Trillion Dollars. Senate Leader Robert Dole and House Speaker Newt Gingrich signed on to this agreement - an example of Bipartisan Fiscal Responsibility.
Had the Congress refused to raise the Debt Ceiling, the Government would not have been able to borrow money for current spending, and would have gone into bankruptcy. The prospect of a Federal Bankruptcy was openly discussed as the budget deal was worked out.
In late April 1996 President Clinton unveiled proposals to expand the availability of retirement savings plans. One reason for the Clinton proposals was the need to protect retirement plans of Federal workers in case of a Federal Government Bankruptcy.
A Federal Bankruptcy will impact millions of Americans who receive government payments. See "MILLIONS ON GOVERNMENT PAYROLL"
Drastic cuts in government spending are the only route to financial solvency. The Cato Institute, the Libertarian Party and other organizations have proposed numerous cuts in the Federal Government. The Republican and Democrat politicians will not cut government programs because they are dependent on organized interest groups that benefit from government programs.
For Fiscal Responsibility and Real Cuts in Government, vote Libertarian in 1996.