Yes, ALL of the progress made in reducing the national debt to GDP ratio has been undone in the last seven years. This quote from Angry Bear says it best. Referring to the progress Clinton made, he says:
Of course, George W. Bush wanted to change all that so he pushed for the 2001 and 2003 tax cuts and signed the Prescription Drug Benefit and has engaged our nation in a costly war that has had the unfortunate side effects of reviving Al Qaeda and making Iran the dominant player in the Middle East. Not only is the debt to GDP ratio projected to pass where it was as of 1992, it is projected to pass where it was in 1996.
If Bush’s tax cuts are made permanent and if this Iraq War continues, what is to change this upward trajectory for the debt to GDP ratio? If John McCain thinks ending earmarks will be sufficient fiscal restraint, let me suggest that he does not even understand arithmetic.
Yes, folks, Bush screwed us all royally. And now his good friend John wants to keep screwing us every way from Sunday as well.
Don't say you weren't warned.