National DEBT:
12/31/1980
$930,210,000,000.00
> Carter leaves behind
12/31/1992
4,064,620,655,521.66
> Reagan/Bush I leaves
...rate of inflation = 3.1% during 12 year period allowing for "real" increase to period ending $1,341,791,349.00.
So what we experienced, despite the amazing GROWTH, the USA had to borrow money at a rate equal to 4.22 times the rate of inflation or at a rate of 13.08% annually, compounding.
That's supply side economics for ya'!
This does not take into account that we had a 300+ billion budget deficit as well when Bush left.
-JH |
