Original Posted Date: March 7, 2006 – Tuesday – 10:21 AM
“Treasury Secretary John Snow notified Congress on Monday that the administration has now taken “all prudent and legal actions,” including tapping certain government retirement funds, to keep from hitting the $8.2 trillion national debt limit.
In a letter to Congress, Snow urged lawmakers to pass a new debt ceiling immediately to avoid the nation’s first-ever default on its obligations.” Link to full article here.
8.2 trillion…that’s a big number. For example if we divide this number by 295 million (the current US population), that works out to a debt of $27,800 PER PERSON!
From the article: “Sen. Max Baucus, D-Mont., said last week that under President Bush the total of the deficits has increased by $3 trillion, a 40 percent increase from where the national debt _ the total of previous deficits _ stood when Bush took office in January 2001.”
So, 40 percent of $27,800 is $11,120; the amount of debt aquired per person since Bush took office.
You know, I remember a time when Republicans were fiscally conservative. I was able to relate, being economically conservative and socially liberal. This has definitely changed, though; no other president has every increased the deficit by even close to this amount.
Here is an interesting site on the federal budget. Per this site, the agencies that spent the most are Health and Human Services, Department of Defense, and the Treasury. Why is the Treasury spending so much? It’s this thing called “interest”, and it’s a bitch!
This is got to stop sometime; but the big question is “when?”.
Update 1/25/2008: The federal debt is now 9.2 trillion. The Euro is worth $1.46. Recession is coming, the feds dropped the interest rates by .75 in an emergency session. The economy is more important to American voters than the Iraq War (one of our biggest expenses!). Neo-cons are still spending at an unprecedented rate, and now everyone wants cheap healthcare, but nobody knows how to pay for it. The only fiscally conservative presidential candidate is Ron Paul, the darling of digg.com and believer in the Illuminati. Things are VERY depressing.
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