George W. Bush's presidency cost the country about $11.5 trillion

Discussion in 'Politics' started by walter4, Oct 25, 2009.


    George W. Bush's presidency cost the country about $11.5 trillion.

    Of course, it's debatable how much blame the president should bear.

    The president came in with a budget surplus of $150 billion surplus from the previous administration.

    Over the past eight years, we've suffered calamities that were bound to damage the nation deeply: two recessions, the most lethal terrorist attacks ever on U.S. soil, the invasion of Iraq on dubious grounds, the near destruction of one of our most storied cities and, finally, the Wall Street meltdown.

    Quiz: What cost the most?

    Because the median U.S. household income is about $50,000, readers may have trouble grasping the concept of spending trillions.


    The best-known aspect of this epic spending spree is the U.S. Treasury's $700 billion Troubled Assets Relief Program, whose remit has included purchasing so-called toxic securities, giving banks cash and helping Detroit automakers avoid bankruptcy.

    But TARP, as the program is known, is just the tip of the iceberg.

    The Treasury also gave $300 billion in guarantees for struggling Citigroup, poured $200 billion into Fannie Mae and Freddie Mac when officials seized the mortgage giants to prevent their bankruptcy, and granted an additional $50 billion in temporary guarantees to keep investors from pulling out of money market funds. Again, a guarantee doesn't necessarily mean the Treasury will actually spend the money. But that money is at risk, and that's taxpayer money.