President Bush has added 4 trillion to the national debt, almost doubling it

#1
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WA_Vol

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#1
In the 8 years President Bush has been in office he's almost doubled the national debt:

As of this morning, the national debt stands at over $9.634 trillion. That’s trillion - with a "T." And that’s nearly $4 trillion more than it was on the day President Bush took office.

This year alone, it’s costing taxpayers more than $230 billion just to pay the interest on the national debt.

And it’s getting bigger every day thanks to the relentless rush of the government spending money it has to borrow. The federal deficit for the fiscal year ending September 30 is expected in the range of $400 billion - close to the all-time high.

In fact, the government doesn’t have the $85 billion needed to bailout insurance giant American International Group.
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Who’ll Bail Out Uncle Sam?, CBS' Mark Knoller On The National Debt, And Who Picks Up the Tab - CBS News
 
#5
#5
He and the idiots we call the GOP decided that they would act like democrats from LBJ's administration!
 
#13
#13
BigPapaVol said:
9/11 and Dot Com disaster.
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volinbham said:
I'm assuming this is a rhetorical question
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It was a joke....... lighten up guys you all are starting to sound like the pigs in animal farm.

animal_farm%5B1%5D.jpg
 
#16
#16
BigPapaVol said:
why aren't you correcting the numbers, since they aren't remotely close to the trash you posted last night?
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Take it as a percentage of GDP and sum of surpluses and deficits over each term and the $8.8 Trillion number last night computes. Real dollars it is only a little over $4 trillion, just as this article suggests, but that doesn't paint the real economic picture. Clinton actually had a couple of years where the debt had little to no net change, even in real dollars. In fact, adjusted for inflation, the debt actually decreased towards the end of his term, when his economic policies were in full effect. The increase in debt over the last 8 years has been unprecedented, and the deficits have gotten significantly bigger with each year.

No matter how you paint it, at best Bush has doubled the debt incurred over the entire history of the U.S. in just under 8 years. He is the first president in modern history to decrease taxes in a time of war. Dick Cheney is even quoted as saying "If Reagan taught us anything, it is deficits don't matter". Amazing.
 
#18
#18
rjd970 said:
and the deficits have gotten significantly bigger with each year.
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I'm not trying to defend Bush but you are wrong on this statement.

2004 was the peak at about 400 billion, it dropped each year after that to about 162 billion in 2007. The 2008 is a significant change in that trend due primarily to economic slowdown.
 
#19
#19
rjd970 said:
Take it as a percentage of GDP and sum of surpluses and deficits over each term and the $8.8 Trillion number last night computes. Real dollars it is only a little over $4 trillion, just as this article suggests, but that doesn't paint the real economic picture. Clinton actually had a couple of years where the debt had little to no net change, even in real dollars. In fact, adjusted for inflation, the debt actually decreased towards the end of his term, when his economic policies were in full effect. The increase in debt over the last 8 years has been unprecedented, and the deficits have gotten significantly bigger with each year.

No matter how you paint it, at best Bush has doubled the debt incurred over the entire history of the U.S. in just under 8 years. He is the first president in modern history to decrease taxes in a time of war. Dick Cheney is even quoted as saying "If Reagan taught us anything, it is deficits don't matter". Amazing.
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Uh...I understand very well the concept of real dollars and $8.8 trillion nominal dollars and $4 trillion real dollars aren't even remotely close given the inflationary environment over the period and the relatively short timeline. It's not even remotely close.

The $1.8 trillion number was mildly off (by a factor of 2.5) as well. That an inflationary issue too?
 
#20
#20
rjd970 said:
No matter how you paint it, at best Bush has doubled the debt incurred over the entire history of the U.S. in just under 8 years.
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doubled in real or nominal dollars?

what's it done relative to GDP?

I'm not at all trying to defend Bush because he has spent like a drunken sailor, but you're trying to paint his issues as tax cuts when the spending side was his problem. The implication that McCain will follow suit is disingenuous at best, completely ignorant at worst.
 
#22
#22
volinbham said:
I'm not trying to defend Bush but you are wrong on this statement.

2004 was the peak at about 400 billion, it dropped each year after that to about 162 billion in 2007. The 2008 is a significant change in that trend due primarily to economic slowdown.
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What is the annual deficit if discretionary spending for Iraq war operations are included? That $4 trillion didn't come out of thin air.

....and the $8.8 trillion dollars increase in debt is Reagan/Bush41/Bush43 combined. I concede I should have made that more clear. It still doesn't change the fact that Bush almost doubled it in his 2 terms.

Spending is the problem, but it is amplified when you take nothing in. The Republican philosophy of cutting taxes to promote economic growth and bring in larger tax revenue has failed, just as it did with Reagan and Bush41. The trickle down is a myth, and now with all the bail outs...Washington Mutual looks like they could be next...it's basically turning into a socialized economy where the government has a stake in every big bank.

I'm ready for something different, the McCain followers want to keep the same Bush tax cuts that obviously haven't worked the last 8 years.
 
#23
#23
In fact, in the interest of fairness...and I would legitimately like to know...what good has the Bush tax cuts done for the economy in the last 8 years?
 
#24
#24
rjd970 said:
In fact, in the interest of fairness...and I would legitimately like to know...what good has the Bush tax cuts done for the economy in the last 8 years?
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So you hold a philosophy that more taxes are better? That a government can take a dollar and make better use of it than you can?
 
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