The coming storm...

[delta777]

http://news.yahoo.com/s/ap/20071203/ap_on_...ation_in_debt_4

"The national debt — the total accumulation of annual budget deficits — is up from $5.7 trillion when President Bush took office in January 2001 and it will top $10 trillion sometime right before or right after he leaves in January 2009."

"Aggravating the debt picture: the wars in Iraq and Afghanistan, which the nonpartisan Congressional Budget Office estimates could cost $2.4 trillion over the next decade."

Mark Zandi, chief economist at Moody's Economy.com, said he's more concerned that interest on the national debt will become unsustainable than he is that foreign countries will dump their dollar holdings — something that would undermine the value of their own vast holdings. "We're going to have to shell out a lot of resources to make those interest payments. There's a very strong argument as to why it's vital that we address our budget issues before they get measurably worse," Zandi said.

"Of course, that's not going to happen until after the next president is in the White House," he added

 

[KCFlyer]

http://news.yahoo.com/s/ap/20071203/ap_on_...ation_in_debt_4

"The national debt — the total accumulation of annual budget deficits — is up from $5.7 trillion when President Bush took office in January 2001 and it will top $10 trillion sometime right before or right after he leaves in January 2009."

"Aggravating the debt picture: the wars in Iraq and Afghanistan, which the nonpartisan Congressional Budget Office estimates could cost $2.4 trillion over the next decade."

Mark Zandi, chief economist at Moody's Economy.com, said he's more concerned that interest on the national debt will become unsustainable than he is that foreign countries will dump their dollar holdings — something that would undermine the value of their own vast holdings. "We're going to have to shell out a lot of resources to make those interest payments. There's a very strong argument as to why it's vital that we address our budget issues before they get measurably worse," Zandi said.

"Of course, that's not going to happen until after the next president is in the White House," he added

It's nothing that a good tax cut wouldn't cure.

 

[delta777]

It's nothing that a good tax cut wouldn't cure.

Ummm... el chimpo passed a $1.35 Trillion dollar tax cut in 2001, yet here we are, with the national debt having DOUBLED in only 6 short years.

"Facing opposition in Congress, Bush held town hall-style public meetings across the U.S. in 2001 to increase public support for his plan for a $1.35 trillion tax cut program—one of the largest tax cuts in U.S. history. Bush and his economic advisers argued that unspent government funds should be returned to taxpayers. With reports of the threat of recession from Federal Reserve Chairman Alan Greenspan, Bush argued that such a tax cut would stimulate the economy and create jobs. Others, including the Treasury Secretary at the time Paul O'Neill, were opposed to some of the tax cuts on the basis that they would contribute to budget deficits and undermine Social Security."

Looks like Former Treasury Secretary Paul O'Neill was right.

Under the Bush Administration, Real GDP has grown at an average annual rate of 2.5%, considerably below the average for business cycles from 1949 to 2000. The Dow Jones Industrial Average has grown by about 30% since January 2001. Unemployment rose from 4.2% in January 2001 to 6.3% in June 2003, dropping to its current rate of 4.5%. The on-budget deficit for 2006 was $434 billion, a change from an $86 billion surplus in 2000. Inflation-adjusted median household income has been flat while the nation's poverty rate has increased. By August 23, 2007, the national debt had officially risen to $8.98 trillion dollars; the national debt has increased $3.25 trillion dollars since Bush took office.

Federal information available suggests that the standard of living has increased on all rungs of the socio-economic strata -- with the bulk of income gains having gone to the top 1%, whose share of income has increased substantially.

 

[delldude]

So let the leftist clowns institute a round of tax cuts and stagnate the economy and usher in

a recession...seems they go hand in hand with Dem control.