May 17, 2026
In the famous words of Ronald Reagan, “There you go again.” Once again, a Republican President is leaving a mess for a Democrat to clean up.
President Reagan, an avowed deficit hawk, promulgated policies that led to significant deficit spending, with the national debt nearly tripling from $997 billion to 2.85 trillion, making the US a debtor nation. While promising a balanced budget, deficits were driven by large tax cuts and increased military spending, and were not offset by the expected economic boom promised by “Trickle Down” economics. In1997, President Clinton reached an agreement with Republicans aimed at balancing the budget. The deal produced a budget surplus of $69 billion in 1998, which peaked at $236 billion in 2000, allowing for a reduction in the national debt. The combination of tax hikes on high earners in 1993 and capital gains cuts in 1997, along with spending restraints, led to economic expansion, and a booming stock market.
Following a familiar Republican playbook, President George W. Bush enacted tax cuts in 2001 and 2003, which were major measures aimed at stimulating the economy, reducing income taxes for all earners, cutting capital gains/dividend taxes, and doubling the child tax credit. As a result, Bush oversaw a significant increase in the federal deficit, transitioning from a projected Clinton surplus to a $1.4 trillion deficit by fiscal year 2009. Bush left office during one of the greatest financial meltdowns in U.S. history, handing his successor, Barack Obama, an unprecedented financial disaster, and an unwieldy federal deficit.
Obama was forced to address the mess that Bush left him. The Obama stimulus package was approximately $800 billion designed to combat the Great Recession. It aimed to save/create millions of jobs, provide tax relief, and invest in infrastructure, education, and healthcare. The bill was passed with minimal Republican support, drawing criticism over its cost and effectiveness. Republicans criticized the cost of the bill, and also had the unmitigated gall to criticize the tepid recovery and the relatively weak economic growth. This set the stage for Trump’s election, and his “American Carnage” inauguration speech.
In a deja vu moment, and showing an inability to learn from recent history, Republicans, despite a strong economy, immediately enacted another tax cut for the wealthy and corporations. The federal budget deficit increased significantly, rising from roughly $585 billion in FY2016 to nearly a $1 trillion in 2019. Despite that, real GDP grew at an average annual rate of roughly 2.3% to 2.5% before the 2020 COVID-19 pandemic caused a sharp contraction, which was only slightly higher than the final years of the Obama administration. Trump left his successor with the mishandling of the COVID epidemic, and another Republican economic recession.
President Biden, apparently learning the lessons from the Obama years, decided to go big or go home. Biden’s key economic pillars included massive public investment in infrastructure, clean energy, and semiconductor manufacturing, alongside strengthening the social safety net, increasing worker power, and raising taxes on corporations and high-income earners via the American Rescue Act, the Infrastructure Investment and Jobs Act, the CHIPS, and the Inflation Reduction Act. According to the Center for Public Policy and Research, “Biden turned around an economy in shambles due to the pandemic, and handed off an economy that was the envy of the world.” However, Biden was criticized for too much stimulus and rising inflation, which gave rise to Trump 2.0.
Now we have the Iran mess created by Donald Trump. Per The New York Times, the United States has burned through around 1,100 of its long-range stealth cruise missiles built for a war with China, close to the total number remaining in the U.S. stockpile. The military has fired off more than 1,000 Tomahawk cruise missiles, roughly 10 times the number it currently buys each year. The Pentagon has used more than 1,200 Patriot interceptor missiles at more than $4 million a piece, and more than 1,000 Precision Strike, ground-based missiles, leaving inventories worrisomely low, according to internal Defense Department estimates and congressional officials. The drawdowns have left us less ready to confront potential adversaries like Russia and China. Officials say that it may take years, well past the time that Trump leaves office, to rebuild our inventories.
In summary, Reagan left massive, tax-cut induced deficits for Clinton; Clinton left a budget surplus for Bush; Bush left even more tax-cut induced deficits and a Great Recession for Obama; Obama left a solid economy for Trump; Trump left a a pandemic and a recession for Biden; Biden left a healthy economy for Trump; and now Trump is leaving a depleted military for his successor. It’s time to take the keys away from the Republican Party.