Thursday, November 18, 2004

George W. Bush and the party of Borrow and Spend

Here are some facts and figures to make your stomach turn... When George W. Bush became President, $5.6 trillion in surpluses were projected for the next 10 years. [Now, those are accounting surpluses, not actual surpluses, as Social Security was counted as income.] But that figure has been transformed to $2.3 trillion in deficits [by the same standard] now estimated for the coming decade.

The last Clinton increase in the debt ceiling was 1997. There have been increases in the debt ceiling in 2002 and 2003. This week, there will be another one. And there will very likely be one in 2005. As the Washington Post reported, "Completion of the debt limit measure would raise the government's borrowing limit to $8.18 trillion. That is $2.23 trillion higher than when Bush became president, and more than eight times the debt President Reagan faced when he took office in 1981."

For an interesting perspective on other problems with raising the debt ceiling, check out a statement by Congressman Ron Paul: tackled this problem by running radio ads on more than 50 stations today, combined with direct constituent contact using their Electronic Lobbyist System.

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