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  • pws112 pws112 Dec 18, 2008 9:50 AM Flag

    National Debt Under Bush: $5.7 to $10+trillion


    The gross national debt compared to GDP (how rich we are) reached its lowest level since 1931 when 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.
    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

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    • Texas!

    • As I have tried to point out before, if one reads and understands the Constitution of the United States as written, the CONGRESS initiates and passes all SPENDING BILLS.

      It is IMPOSSIBLE for a President to increase the National Debt.

      Thus, look to see who controlled the Congress during the years you cite. You will find the Democrats controlled Congress during the period 1981 to 1994. The fiscal conservative Republicans controlled Congress from 1994 through 2000 (most left due to agreements to term limit themselves). The "compassionate conservative Republicans" (i.e. spenders)controlled Congress from 2001 to 2006. The Democrats have controlled Congress since 2006.

      If you don't like Bush or his policies, that is fine with me. Just get the facts straight as to whom is spending and borrowing the country into oblivion. BTW most of the fiscal conservatives remaining in Congress have voted against the "bailouts" and most were Republicans. They were castigated for their votes by the media and many Democrats for voting against it.

      • 2 Replies to ghost14609
      • Right on point Ghost! I don't understand the blind partisanship.....Dem or Rep! I want to think that people are smarter than this but the reality is they sure don't exhibit it. Until the sheep on both sides stop taking the easy way out and letting the media and the internet blogs shape their 'thinking' with what amounts to propaganda, we will continue down the same old path. That path is the path to national decline and destruction of government BY THE PEOPLE, FOR THE PEOPLE. Garbage in garbage out.

    • Tax revenue under Bush's administration is higher than in Clinton's. Historical data shows that lower tax rate boosts tax revenue, but ignorants think the opposite.

    • What did you expect? He failed at everything he did in his life. His daddy bought him the Texas governorship....the evangelicals & the far right got him elected cause theyknew they could tell him what to do & easily control him. So much for separation of church & state. Rusch Limbaugh became the high priest. financial oversight was eliminated...the wall st. mavens went bananas counting bullshit profits....hedges became the rage....Ponzi re-emerged. Now, Barrack Obama has to clean up the mess. Hell, man, its only money and the fed owns the press.

      • 1 Reply to maxnsy
      • And Sy, what's worse, his brother Jeb will probably get elected to the Senate from FL in 2 years. From there, he will most likely be elected President in 2012 (if every American doesn't have a big house on easy credit and a couple SUV's by then), or in 2016. The same shit will happen all over again! Never underestimate the absolute stupidity of the American public to elect a right wing religious whacko!

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