Jacobs, in opposing debt ceiling, undermines country’s financial health
Congressman Chris Jacobs voted against raising the debt ceiling. Raising the debt ceiling allows the government to pay for spending already allocated, included spending approved by Mr. Jacobs.
Republicans added $7.8 trillion to the debt just during the Trump administration. Historically, Republicans have added more to the national debt than Democrats. PolitiFact reported (7/23/19), that under President Ronald Reagan “the federal deficit went from about $78.9 billion at the beginning of Reagan’s presidency to $152.6 billion at the end of it.”
At the end of George H. W. Bush, the debt was $255 billion, an increase of $181.3 billion.
At the end of Bill Clinton’s presidency there was a surplus of $128.2 billion. George W. Bush “left office in 2009 with a federal deficit of roughly $1.41 trillion.” That is we went from a surplus of $128.2 billion to a deficit of $1.41 trillion.
President Barack Obama “left the presidency with a deficit of approximately $584.6 billion, which is more than halving $1.41 trillion.”
“President Donald Trump Treasury Department reported that Washington is on track to post a $1.1 trillion deficit by the end of September.” Remember this report was printed in 2019 before the pandemic and the end of Mr. Trump’s presidency.
Mr. Jacobs’s vote wasn’t just foolish it was irresponsible. Moody’s Analytic in a report issued 10/7/21 stated that such an event (a default on the debt), would cause 6 million to lose their jobs and the unemployment would climb to 9%.
A report by the Congressional Accountability Office in 2012 found that even the brinkmanship of 2011 cost taxpayers $1.3 billion and drove up interest rates on homes and cars. Mr. Jacobs’s vote to willingly and knowingly undermine our nation’s financial health is below the dignity of someone representing Western New York.