http://upload.wikimedia.org/wikipedia/commons/thumb/b/b8/US_Federal_Debt_as_Perc...Just to provide some perspective, the above chart shows the US Federal Debt to GDP ratio, by president.
Now, I can not completely vouch for the accuracy of the chart, although it does look about right and obviously it is not up-to-date as it doesn't provide the current situation under Obama.
That said, it does reflect a few things -
1) The US & a number of other countries, are now edging close to the all time record Debt to GDP ratio, which was previously set as a result of World War2.
2) The Debt to GDP ratio then Declined after WW2, bottoming out around the end of the Nixon period, the Ford term and the Carter term and that Declining Debt to GDP ratio was achieved by both Republicans & Democrats.
3) Under the Reagan & Bush Republicans, Debt again took off in the US and a similar fate awaited Australia under Labor.
4) In the 1990's under a Democrat Clinton, Debt was "somewhat" reigned in, largely owing to an Economic Growth spurt called the Baby Boomer Boom. In Australia, under the Howard Liberals, Debt was also reduced, for similar reasons. Although the OZ Debt was reduced further than the US Debt, it could have & should have, been reduced further, as should the US Debt!
5) With the advent of 9/11, under the Republican Bush, US Debt again spiked, whereas under the Howard Liberals, OZ Debt continued to Decline.
6) With the advent of the Global Financial Crisis commencing in 2007, US Debt under the Republican Bush again spiked, as did OZ Debt under Labor.
7) The GFC has basically continued from 2007 to now and whilst the chart ceases around 2010, with Obama showing a Debt to GDP ratio of about 95%, I believe that is now about 107%.
Under Labor OZ went from about $60 Billion Debt in 2007, to about $270 Billion currently, which is about a 27% Debt to GDP ratio.
All of which says there is little difference usually, between the Right & Left of Politics, in terms of standard approaches, although circumstances can dictate some different outcomes.
That said, neither the Right, nor Left have properly provided for what was predictable & is now happening!