It looks like you're using an Ad Blocker.
Please white-list or disable AboveTopSecret.com in your ad-blocking tool.
Some features of ATS will be disabled while you continue to use an ad-blocker.
This is George W. Bush with help from the irresponsible members in congress and the dirty bankers at the fed sit back and make money from this irresponsible behaviour.
George W. Bush, despite all his recent bravado about being an apostle of small government and budget-slashing, is the biggest spending president since Lyndon B. Johnson. In fact, he's arguably an even bigger spender than LBJ.
“He’s a big government guy,” said Stephen Slivinski, the director of budget studies at Cato Institute, a libertarian research group
near the end of George W. Bush’s presidency, our national debt is $9.6 trillion. We owe $5 trillion of that to China, a communist country we don’t like and who doesn’t like us. We have made absolutely zero payments on our national debt since Bush took office. Instead, Bush has nearly doubled our national debt, and he keeps spending. The economy is weaker, the dollar is weaker, and we’re further in debt than we ever have been before. We continue to pay for the war and reconstruction in Iraq despite the fact that the Iraq government has a $79 billion surplus earning interest in banks in New York. This is the epitome of fiscal irresponsibility.
This year’s budget deficit will jump 153 percent from last year’s $161 billion shortfall, according to a report released yesterday by the Congressional Budget Office. The $246 billion increase will push this year’s deficit to a total of $407 billion. That number does not reflect the recent government takeover of mortgage giants Fannie Mae and Freddie Mac, which will become incorporated into the federal budget in January.
Furthermore, The CBO reported that it expects the deficit to exceed $400 billion in the next two years if the current policies remain in place. The estimate for the cumulative deficit over the next 10 years now sits at $2.3 trillion.
Bush has borrowed more money than all President's combined.
According to the Treasury Department, from 1776-2000, the first 224 years of U.S. history, 42 U.S. presidents borrowed a combined $1.01 trillion from foreign governments and financial institutions, but in the past four years alone, the Bush administration borrowed $1.05 trillion.