$440,000 debt per American household

$440,000 per American household. That's what America's total liability stands at --$50 trillion, up from $20 trillion in just six years.

Since 1938 the Democrats have held the White house for 35 years, the Republicans for 33. Over that time the national debt has increased at an average annual rate of 8.7%, the Democratic yearly average being 8.3%, and while the Republicans ran the White House 9.3% per year. There was not much difference between the two parties debt philosophy.

However the debt has been on a steady incline ever since the Reagan Presidency. The only exception to the steep increase over the last 25 years was during the Clinton Presidency, where he brought spending under control and the debt growth down to almost zero.

The debt increased at an average of 13.8% for every year Mr. Reagan was in office, the highest average of any President since this nation was founded, and he still holds that record. While Mr. Reagan was in office this nation’s debt went from just under 1 trillion dollars to over 2.6 trillion dollars, a 260% increase.

The current President Bush came into office and set a record in 2003 for the biggest single yearly dollar increase in debt in the nation’s history; he did it again in 2004.

The debt is now increasing at the rate of 600 billion dollars a year. Even Mr. Reagan never increased the debt that much in a single year.