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Debt is typically a major campaign issue in elections from the municipal level all the way up to the office of the President of the United States. Candidates tout their accomplishments in balancing budgets or reducing government debt as examples of fiscal prudence while pointing to increased debts during their opponents' administrations as indicators of profligate and wasteful spending of taxpayers' money. The chart reproduced above, which was posted to the Flickr account of House Minority Leader Nancy Pelosi, attempted to reverse conventional political stereotypes by portraying recent Republican presidents as responsible for huge increases in the national debt, while showing recent Democratic presidents as responsible for much lower increases in the level of debt. As a first step in evaluating this chart, we have to determine the applicable definition of debt. In general, the term public debt (or debt held by the public) refers to money borrowed by the government through the issuance and sale of securities, government bonds, and bills. It includes federal debt held by all investors outside of the federal government, including individuals, corporations, state or local governments, the Federal Reserve banking system, and foreign governments. Another form of debt is intragovernmental debt (or debt held by government accounts), which refers to money that the government has borrowed from itself, such as when the U.S. government invests money from federal savings programs such as Medicare and the Social Security trust fund by buying up its own treasury securities. A variety of names have been applied to the total of these two forms of debt, including gross federal debt, total public debt, and national debt. Although this chart is labeled as presenting a percent increase in public debt, it actually uses figures corresponding to the total described as gross federal debt above (i.e., a combination of debt held by the public and debt held by government accounts, rather than just the former). We checked the numbers in this chart by using (for pre-1993 years) the U.S. Treasury's Monthly Statement of the Public Debt (MSPD), noting the total debt reported as of January 31 of each relevant year, and (for 1993 onwards) the Treasury's The Debt to the Penny and Who Holds It application, noting the total debt reported as of Inauguration Day of each relevant year. From these records, we gleaned the following information: Ronald Reagan:Took office January 1981. Total debt: $848 billionLeft office January 1989. Total debt: $2,698 billionPercent change in total debt: +218% George H.W. Bush:Took office January 1989. Total debt: $2,698 billionLeft office 20 January 1993. Total debt: $4,188 billionPercent change in total debt: +55% Bill Clinton:Took office 20 January 1993. Total debt: $4,188 billionLeft office 20 January 2001. Total debt: $5,728 billionPercent change in total debt: +37% George W. Bush:Took office 20 January 2001. Total debt: $5,728 billionLeft office 20 January 2009. Total debt: $10,627 billionPercent change in total debt: +86% Barack Obama:Took office 20 January 2009. Total debt: $10,627 billionTotal debt (as of the end of April 2011): $14,288 billionPercent change in total debt: +34% So, as far as raw numbers go, the chart is reasonably accurate (although our calculations produced a somewhat higher debt increase for Ronald Reagan than reported). That said, however, we have to consider how valuable these numbers are; whether by themselves they present a reasonable comparative measure of presidential fiscal responsibility. In that regard, one could find a number of aspects to take issue with: All in all, this is a case of relatively accurate information which is of marginal value due to a lack of proper comparative context.
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