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Either way you cut it, the debt is a big ol' suck on our money supply. We have to pay (meaning:borrow) interest -- just interest -- on the national debt this year that could run the Iraq war for a year. That's a lot of money down the toilet. And who owns our national debt? China. South Korea. Europe hasn't bought much of it in 10 years, because we became an investment risk.
Would you lend us money?
But, we cajole the Asian nations into lending us the money. Once every 8 or 12 months they talk about buying less of our debt. Makes front page news, and then it's over the next day. I'm betting whoever is sitting in the Oval Office spends about 14 hours on the phone that day racking up charges for calls to Asia. It would be interesting to FOIA those phone records, but there's no way in hell this particular administration is going to let us know anything about the workings of the White House -- hush, hush, top secret, ya know.
As for Reagan, I think by this point in his presidency, he was NOT doing so bad as GWB. Reagan was better about cutting spending when he started building military hardware -- Bush, to his party's chagrin, is not.
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