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National Debt Graph: Bush Sets 50-Year Record
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| Click image below to enlarge. |
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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
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http://zfacts.com/p/318.html | 01/06/09 09:01 GMT
Modified: Thu, 18 Dec 2008 05:56:51 GMT
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Carbonomics
Fix the Climate
Charge It to OPEC
Bear with OPEC?!
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Amazon
Secretary of Commerce under Nixon, Peterson explains the national debt by the Republicans' pursuit of reckless supply-side economics and the Democrats' unwillingness to consider limits on entitlements.
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