Reading stuff like this makes me happy the Bush administration’s bungling days are almost over:
The result of deficit spending is debt. When President Bush took office, the national debt was $5.7 trillion. Now it is $10.6 trillion — and Congress voted in October to raise the debt ceiling to $11.3 trillion, the seventh such hike since President Bush to office and the second since last July. If, as is quite likely, we reach the new ceiling by January 20, the outgoing President will have managed to amass more debt than all of his predecessors combined.
Emphasis mine.
This comes from an article in January’s edition of Harper’s Magazine, where Linda Bilmes, public finance lecturer at Harvard, and Joseph Stiglitz, 2001 winner of the Nobel Prize in Economics and University Professor of Economics at Columbia, describe the cost of the Bush Presidency in an article titled “The $10 Trillion dollar hangover: Paying the Price for the Bush years.” (The $10 trillion comes from money already spent and future obligations from Bush policy.)
More details can be read in the Daily Kos post I linked above…
Obama is going to have a tough road ahead of him.
Related posts:
- Republican Fiscal Responsibility
- Cost of the Stimulus
- Two Must Read Articles
- The Bush Economy
- USNews.com: Cheney resignation rumors fly
Tags: bush, national debt
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on Monday, December 15th, 2008 at 12:07 pm and is filed under Politics.
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