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Who Was the Only President Since 1939 Who Did Not Raise the Debt Ceiling?

Written by Gary North on February 20, 2013

It was not George W. Bush. Under him, it was raised seven times. Overall, 1939 to today, it was raised 68 times.

One President lowered it. This same President used increased taxes to pay for rising government expenditures. And, wonder of wonders, revenues increased.

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6 thoughts on “Who Was the Only President Since 1939 Who Did Not Raise the Debt Ceiling?

  1. TheEconomyStupid says:

    True enough. So let's look at the facts though. It was Truman, and he raised taxes, so that the gov't revenues went from 6 or 10% to 17% of GDP. Revenues have not gone much above that, at least not for lengthy periods of time. So for 60+ years we have a nice record that 18% of GDP is a pretty predictable level for revenues, and thus should be a predictable level for spending. DUH – or is this too simple for lawyers in Washington to understand?
    Anyone who spends more is lying if they say raising taxes or growthwill pay for it. As we have had both highter taxes, and growth, and the % of GDP never varied beyond the average 18%. Possibly they think they are BETTER than everyone else before them? Or do they just not care about America's future? What is the reason?

  2. We have never had 18% growth, I don't think China has had that much growth either. 18% is some fantasy number

  3. Oops I had to reread, when you mention more taxes my brain almostshuts down for a min or two lol

  4. All this proves is that the federal government has NEVER been solvent. 1913 began the fiscal demise and legalized the invisible government called the federal reserve. Just because every president has raised the debt ceiling does not make it right. HELLO!!!!!! Besides, now that we are all out of the closet with the printing presses, why do we even have any ceilings or taxes to be paid? Just print the money, leave us alone. LOL…… "FORWARD" <<<<<<<<<<<<<<<<< !!!

  5. Well there was WW2 war debt to pay off and the economy could accept higher taxes since there really was no economic competition in the world during his terms in office. Not sure that set of circumstances applies especially in today's economic redistribution environment. Taxes paid by the productive to support the unproductive doesn't seem to be a prescription for fiscal responsibility.

  6. The government thinks that it can raise taxes just a little bit, every so often, and keep upping the rate until it hits 100%. With small increase, it thinks no one will notice.

    But even if the taxpayers are as stupid as the government thinks they are, the situation will be like that of the farmer who thought he would train his horse to live on less food. He decreased the food lever every so often that he eventually got the idea that reducing the food by increments would eventually teach the horse how to live on no food at all.

    Predictably, the horse died. The economy will die, too. Our politicians are killing the goose that laid the golden egg with this Lucy and Ethel School of Economics.