Wednesday, November 09, 2005

Bush just borrowed another $5,000 in your name

Throughout the first 224 years (1776-2000) of our nation's history, 42 U.S. presidents borrowed a combined $1.01 trillion from foreign governments and financial institutions according to the U.S. Treasury Department. In the past four years alone (2001-2005), the Bush Administration has borrowed a staggering $1.05 trillion.

I'm not exactly sure how this is calculated. In October, the national debt rocketed past $8 trillion. I assume the calculation here is based only on U.S. government bonds sold directly to foreign nations.

No wonder most Americans think the country is headed in the wrong direction.

It is.

FLASHBACK: May 1, 2000
Clinton announces record payment on national debt

President Bill Clinton said Monday that the United States would pay off $216 billion in debt this year, bringing to $355 billion the amount of the nation's debt paid down in the three years since the government balanced the budget and began running surpluses.

In a written statement, Clinton said the $216 billion payment represented the largest debt paydown in American history, and he said that the federal government's long-term debt is now $2.4 trillion lower than projected to be when he first took office.

However, the U.S. government still has a long way to go before it pays down the entire national debt, which now stands at $5.7 trillion.

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