The chart comes from an article in the Atlantic: Where Did Our Debt Come From?. It shows under post war administrations the overall growth in national debt during their time in office (middle column) and the average change in debt for each year during their time (far right). Green symbolises reducing the debt, while red shows increasing.
A look at the stats is enough to make people spill their tea.
The thing here is that the Obama administration had its work out cut out before his first term, let alone the second.
As December 8th 2012 The Economist puts it:
DEMOCRATS say it so often that it has become something of a mantra: there will be no deal to resolve America’s fiscal mess unless Republicans agree to higher tax rates on the richest Americans. But they seldom talk about their side of that bargain: the cost-cutting reforms to such entitlements as Medicare, the government’s health-care scheme for the old, and Social Security, its pension scheme, that they are expected to offer in return. As more and more Republicans grudgingly accept the prospect of higher taxes, the Democrats will soon have to decide what they can stomach on entitlement reform.
Can congress put aside brinkmanship this time?
Article written by John Sargeant on Homo economicus’ Weblog