Monday, October 19, 2009

Our National Debt

Which party is responsible for raising the national debt? Democrats or Republicans?

If you ask me, I'd say both. However, some of us are still under the assumption that these two parties have two seperate agendas. It is my opinion that they share an identical ideology and common philosophy, destroy America.

Although we all have idealistic viewpoints, lets listen to the talking heads present the facts.

"To hear President Bush tell it, he's on the side of the angels when it comes to federal spending.

In his Saturday radio address, he blasted congressional Democrats for pursuing "tax and spend policies," while trumpeting his own commitment to keep taxes low and restrain federal spending.

He said his plan will produce a balanced federal budget by 2012.

But what Mr. Bush didn't mention, and what he almost never mentions, is the National Debt.

With good reason.

On the day he took office, the National Debt stood at this unfathomable number:

$5,727.776.738,304.64

In fiscal shorthand, that's $5.7 trillion dollars. Trillion with a "T."

Six and a half years later, the Bureau of Public Debt tells us the National Debt clocks in at a staggering:

$8,835,268,597,181.95

That's $8.8 trillion – an increase of $3.1 trillion dollars since January 20, 2001. And that amounts to a jump of 54% during Mr. Bush's watch.

If you wanted to pay it off, dividing it equally among the U.S. population (estimated by the U.S. Census Bureau to be 302,103,675), it would come to $29,245.82 for every man, woman and child.

Sot it's not really hard to understand why Mr. Bush almost never mentions it.

The National Debt has gone up more on his watch than under any other president.

That means it took the Federal Government 225 years to accrue $5.5 trillion in debt under 42 U.S. presidents. But under President Bush alone, it has soared another 35.2%.

And the National Debt is not just a big number, it's an expensive one.

This year alone, it costs taxpayers $247.3 billion in interest payments.

It hardly gives the president bragging rights about fiscal discipline.

Yet, in his Saturday radio address, he skewered Democrats for their fiscal plans."

More at CBS News:
http://www.cbsnews.com/stories/2007/06/16/politics/main2939036.shtml

According to the above article, On the day GWB took office, the National Debt stood at $5.7 trillion dollars. "Six and a half years later, the Bureau of Public Debt tells us the National Debt clocks in at $8.8 trillion – an increase of $3.1 trillion dollars since January 20, 2001. And that amounts to a jump of 54% during Mr. Bush's watch.

Federal Deficit Hits Record $1.42 Trillion
CBS News

"Government spending last year jumped to $3.52 trillion, up 18.2 percent over 2008. The $700 billion financial bailout fund and increased spending and tax relief from the $787 billion economic stimulus program that Obama pushed through Congress in February drove the increase."

According to the above two CBS News articles Bush scores 1 point for raising the debt by $3.1 trillion during 6 years of his term in office. Obama also receives on point for about $2 trillion. But wait, this Obama's first term, yikes! BTW, I did not vote for Bush. Just comparing apples and oranges.

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According to the FDIC Failed Bank List, between 2002-2007 11 banks closed. However from the end of 2008-2009 with 12 closures so far this month of October, 20 closures in September, and a whopping 96 closures in August.

FDIC FAILED BANK LIST