how much more in debt will bush bring to our country?

Question

neo-cons you dont like a surplus. could it be that you like deficits and debt so you have an excuse to cut programs for children, and the needy. shameful.

Answer 1

I am staunch conservative here to tell you that this man will go as far into debt and deficit spending as he has to to accomplish his personal agenda of expanding the strength of the executive branch and the federal government as a whole. He will spend every last cent he can get to cement our nation's status as the police force of this planet. I believe he is a much better president than many people give him credit for, but on this, I could not agree with you more. He has spent more than the past three presidents combined, and enough is enough.

Answer 2

Oh now david c, this is really some lame, lame lazy thinking that you are indulging in now... these deficits in most part are due to the war on terror. Just as Ronald Reagan proved in the 80's by building a strong defense - we were able to defeat the Soviet Union, now we need to be just as vigilant in the war on terror, and future generations will reap the rewards of our present courageous stand against terrorism. Hopefully, future generations will show more appreciation to President Bush than Clinton did to Reagan. (Clinton tried to hog all the credit, for which he deserved none...)

david c is naive enough to believe that government programs can do a better job at serving the needy. How about providing a good living wage for people by allowing business to prosper so that people can get jobs to take care of their families... david c is a liberal, and he would rather tax the crap out of our economy to try to fund some hand out program that robs people of their incentives to provide for themselves...

david c - first a moron, and a lazy thinker as well - no wonder he is a liberal

Answer 3

The budget is passed by Congress. It is signed by the president. The bidget deficit today is actually lower as a % of our GDP than it has been for all the last 50 years, except 3 years under Clinton.
If you knew anything about MacroEconomics you would understand this.

Answer 4

None, he is actually removing debt. When other countries see how overspent we are because of all these ridiculous policies, they will eventually start selling our US treasury notes causing the dollar to collapse. This will cause a second great depression far worse than the first and like that one the ones that knew it was coming will make out like bandits and everyone else will be part of the new slave class, uh, I mean working middle class.

Answer 5

Every kid born in the U.S. today will be born with about a $28,000 debt. The only reason the debt went down a-little is because the U.S. took in more taxes from large corporations because the corporations made more profits last year while the common Joe suffers

Answer 6

Actually dear, the debt has reduced significantly due to the increase in tax revenues generated by the tax cuts. This is recent as 2 weeks so look it up. So your theory holds no water.

Answer 7

It isn't debt it is sound Redpublican strategy

After we wipe out all the Sand Ni***r's and take all the oil We will have every sniveling idiot on earth coming to us for fuel.

Go big Red Go

Answer 8

what are you talking about, Sean Hannity said last night that the debt is gone and the US of A now has a surplus of money

Answer 9

The sky is the limit, DUH-bya never has to worry about money as he is a spoiled child of privilidge. He doesn't have to worry about bills or health insurance, everything is taken care of. He doesn't give a damn about our country or its citizens. I'm certain that history will regard him as one of the worst presidents this great country has ever had.

Answer 10

Federal Reserve: U.S.
headed for bankruptcy
Report: Coming $65.9 trillion fiscal gap
5 times GDP, twice size of national wealth

A newly published paper by a researcher for the Federal Reserve Bank of St. Louis warns that a ballooning budget deficit and pension and welfare timebomb is growing into a $65.9 trillion fiscal gap that will force the United States into bankruptcy.

In the view of Prof. Laurence Kotlikoff of Boston University, the U.S. is already bankrupt – at least the government is.

"The U.S. government is, indeed, bankrupt," he writes, "insofar as it will be unable to pay its creditors, who, in this context, are current and future generations to whom it has explicitly or implicitly promised future net payments of various kinds."

While the U.S. budget deficit, currently forecast to be 2.3 percent of the gross domestic product this year, is smaller than that of most European states, Kotlikoff argues the much debated number is not a particularly useful measure of U.S. economic health.

"The proper way to consider a country's solvency is to examine the lifetime fiscal burdens facing current and future generations. If these burdens exceed the resources of those generations, get close to doing so, or simply get so high as to preclude their full collection, the country's policy will be unsustainable and can constitute or lead to national bankruptcy."


The number that has Kotlikoff's attention is the U.S.'s long-term "fiscal gap" – the difference between all future government spending and all future receipts. Not only is the number immense, it will grow wider as the Baby Boom generation leaves the work world – and the burden of paying taxes on earned income – and stakes its claim on government health care and pensions. According to one study, the total fiscal gap could be $65.9 trillion.

"There are 77 million baby boomers now ranging from age 41 to age 59," Kotlikoff writes. "All are hoping to collect tens of thousands of dollars in pension and healthcare benefits from the next generation. These claimants aren't going away. In three years, the oldest boomers will be eligible for early Social Security benefits. In six years, the boomer vanguard will start collecting Medicare. Our nation has done nothing to prepare for this onslaught of obligation. Instead, it has continued to focus on a completely meaningless fiscal metric – 'the' federal deficit – censored and studiously ignored long-term fiscal analyses that are scientifically coherent, and dramatically expanded the benefit levels being explicitly or implicitly promised to the baby boomers."

How much is $65.9 trillion dollars?

"This figure is more than five times U.S. GDP and almost twice the size of national wealth," writes Kotlikoff.

"One way to wrap one's head around $65.9 trillion is to ask what fiscal adjustments are needed to eliminate this red hole. The answers are terrifying. One solution is an immediate and permanent doubling of personal and corporate income taxes. Another is an immediate and permanent two-thirds cut in Social Security and Medicare benefits. A third alternative, were it feasible, would be to immediately and permanently cut all federal discretionary spending by 143 percent.

"Leaving our $65.9 trillion bill for today's and tomorrow's children to pay will roughly double their average lifetime net tax rates."

Given "the fiscal irresponsibility of both political parties," the professor sees the most likely scenario for maintaining solvency as the government simply printing money to pay its bills.

Kotlikoff explains: "This could arise in the context of the Federal Reserve 'being forced' to buy Treasury bills and bonds to reduce interest rates. Specifically, once the financial markets begin to understand the depth and extent of the country's financial insolvency, they will start worrying about inflation and about being paid back in watered-down dollars. This concern will lead them to start dumping their holdings of U.S. Treasuries. In so doing, they'll drive up interest rates, which will lead the Fed to print money to buy up those bonds. The consequence will be more money creation – exactly what the bond traders will have come to fear. This could lead to spiraling expectations of higher inflation, with the process eventuating in hyperinflation."