Sept. FEC Filings: RNC in Debt

The Republican National Committee is in debt, and can’t effectively manage their monies.  Yet, these are the same folks who believe America should once again give them access to our Nation’s checkbook.

In documents filed with the Federal Election commission:

  • RNC:  Raised $9.6M in September and they took out a $2.5M loan. However, at time of filing, they had $3.4M in the bank to cover about $4.6M worth of debt.
  • DNC:  Raised $17M in September.  They had $13.1M in cash on hand at months end to cover $7.7M worth of debt.

Looking at US Treasury reporting:

  • On 1/31/2001, just after President Clinton left office, the debt stood at $5.64T. The economy was in great shape. We had no budget deficit, and in fact, had a budget surplus of $74B.
  • On 1/31/2009, just after President Bush left office, the debt stood at $10.57T. The budget deficit stood at $569B. The economy was free-falling into a deep recession.
  • As of 9/30/2010, the debt stood at $13.5T and the budget deficit stood at $1.29T (down from $1.4T a year ago).

Yes, the current Administration had to interject governmental spending and incur additional debt to quell the tide of recession which was eating jobs for breakfast, lunch and dinner, to say nothing of having to deal with figuring out out to get out of two wars and fixing a seriously broken banking system which was flushing the housing market down the drain.  Two years into this administration, we’re just now beginning to slowly climb out of a very deep ditch and put our economy back in order.

Interestingly, national-debt growth was relatively flat during the Kennedy/Johnson, Johnson, Nixon, Nixon/Ford, and Carter administrations, a period encompassing the Vietnam War, the Great Society, recession, inflation, deflation, and an energy crisis. It wasn’t until the Reagan years followed by by the Bushes, who worshiped at the altars of “trickle-down” and “voodoo” economics theories that the debts and deficits exploded at exponential rates.  The debt/deficits got a brief reprieve during the Clinton years between the Bushes.  Take a look:

So, the most important question you need to ask yourself during this mid-term election is: Who do you want managing our Nation’s checkbook?

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One thought on “Sept. FEC Filings: RNC in Debt

  1. Rockspot October 26, 2010 / 8:58 am

    Jimmy Carter (D) — Debt decreased from 35.8% of GDP to 32.5% of GDP in 1 term

    Reagan (R) — Increased the national debt from 32.5% to 43.8% in his first term and from 43.8% to 53.1% in his second. That racks out to a net increase of 19.6% in 8 years time.

    H. W. Bush (R)-raised the deficit from 53.1% at the start of his term to 66.1% in 4 years…. that’s a huge increase, blowing, Reagan, his hero, out of the water.

    Clinton (D) — In his first term, the national debt decreased from 66.1% to 65.4%. In his second term, it decreased from 65.4% to 56.4%. So, he managed to decrease the national debt by nearly 10% in 8 years.

    W. Bush (R) — Debt went from 56.4% to 63.5% in his first term and increased to 83.4% in his second … absolutely staggering.

    Obama (D) — So far … Debt has stayed steady at 83.4%


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