Faith and Finance

Quick and easy way to accumlate silver silversnowball.com Bailouts, stimulus packages, debt piled upon debt, where will it all end? How did we get into a situation where there has never been more material wealth & productivity and yet everyone is in debt to bankers? And now, all of a sudden, the bankers have no money and we the taxpayers, have to rescue them by going even further into debt! Money as Debt II Explores the baffling, fraudulent and destructive arithmetic of the money system that holds us hostage to a forever growing DEBT…and how we might evolve beyond it into a new era. www.moneyasdebt.net

Question by bdozen13: How much of the national debt was carried over from the Bush Amdinistration?
Bush took office 9 years ago with a financial surplus left by Clinton. In the eight years Bush was president our national debt went up almost three times what is was when he took office. The Obama administration is now showing the greatest national debt in our history. That debt includes a great amount of debt left by Bush – anyone have any idea where a person can find out what the national debt was on 1 January 2009?

Best answer:

Answer by Felonius Monkey
All of it.

“Reagan proved deficits don’t matter,” Vice President Cheney said in 2002 when pushing for a fresh round of tax cuts. With this attitude in hand, Bush passed on a budgetary nightmare to his successor. Bush came into office with an advantage few presidents have enjoyed — a $ 230 billion surplus. But due to a $ 1.35 trillion tax cut in 2001, a $ 1.5 trillion tax cut in 2003, and a massive defense buildup through the Iraq and Afghanistan wars, Bush quickly blew through that surplus. The next president will “inherit a fiscal meltdown,” Senate Budget Committee Chairman Kent Conrad (D-ND) warned in February 2008, as the Bush administration projected a budget deficit of $ 400 billion. After the financial crisis emerged last fall and the ensuing bailouts, Bush’s budget deficit ballooned to over $ 1 trillion.

http://www.huffingtonpost.com/the-progress-report/the-bush-deficit_b_169475.html

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