The Bush net Debt accumulating @400 Billion/Year!

Discussion in 'Economics' started by ML_QUANT, Dec 26, 2008.


    The debt's a problem, but we fixed a worse one before!
    Truman, Ike, Kennedy, Johnson, Nixon, and Carter wiped out most of the World War II debt. Take a look.
    Two parts of the federal government are running big surpluses.
    We hit a 53-year high for debt as a percent of the economy (GDP).

    The eye-popping $10 trillion gross national debt is owed by the "General Fund." That's the part funded by our income taxes. Half of that goes for the military and to pay interest on the debt. Fortunately, two huge parts of the budget, Social Security and Medicare, are running huge surpluses."
  2. Double Whammy: 50-Year Record on Sept. 22. $10 Trillion on Sept. 30, 2008.
    The gross national debt compared to GDP (how rich we are) reached its lowest level since 1931 as Reagan took office in 1981. It skyrocketed for 12 years through Bush senior. Clinton reversed it at a peak of 67%. Bush junior crossed that line on Sept. 22 and hit 69% on Sept 30. That's the highest it's been since 1955. (sources)
    Bush did three things to skyrocket the debt from $5.7 trillion to $10 trillion:
    1. He lowered taxes on the rich (by far the biggest item).
    2. He invaded Iraq instead of winning in Afghan-Pakistan (another $600 B).
    3. He deregulated Wall Street speculators. That bailout has now "invested" $1T

    George Bush's IQ = 118 :eek: