Tuesday, November 25, 2008

Bush's Legacy: Trillion Dollar Deficits

I'm all for government stimulus to get the economy moving again, but this number is eye-popping.

The deficit, Mark Zandi, chief economist and co-founder of Moody's Economy.com, said at Senate Budget Committee hearings last week, "could easily exceed $1 trillion in fiscal 2009 and go even higher in 2010." He said borrowing by the Treasury could top $2 trillion this year....

The debt, which stood at about $5.7 trillion in 2007, topped the $10 trillion mark in October and now stands at about $10.6 trillion.

(Actually, I think he means $5.7 trillion in 2001, at least according to this graph. Note that the graph only goes to 2007. For 2008, it's going to be off the charts.).

So to put this in perspective: Clinton had three years of budget surpluses his last three years in office, including giving Bush a $127 billion surplus.

Bush is giving Obama a trillion dollar deficit.

Talk about binging on your credit cards....

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