Thought - The MBA President
With the financial bailouts costing almost a trillion dollars so far, by my math, that would mean that the Bush presidency will push the national debt up to about $10.5 trillion, and he will likely leave office having almost doubled the national debt.
Quick math. Bush will have added a little over $16, 500 in national debt for every man woman and child in the US or approximately $45,000 in debt for every single taxpayer.
(And that doesn't include higher oil, weaker dollar, rebuilding/reequipping the army, military healthcare/benefits or whatever other costs you want to attribute.)
Related: (AP) "The (bailout) proposal would raise the statutory limit on the national debt from $10.6 trillion to $11.3 trillion to make room for the massive rescue."
Quick math. Bush will have added a little over $16, 500 in national debt for every man woman and child in the US or approximately $45,000 in debt for every single taxpayer.
(And that doesn't include higher oil, weaker dollar, rebuilding/reequipping the army, military healthcare/benefits or whatever other costs you want to attribute.)
Related: (AP) "The (bailout) proposal would raise the statutory limit on the national debt from $10.6 trillion to $11.3 trillion to make room for the massive rescue."
posted by mikevotes at
7:17 AM
3 Comments:
By my calculations, the Debt will hit $10T without the bailouts, but a lot of the bailout money will not actually become part of the debt until the next administration making it harder to pin that debt on Bush
By
Praguetwin, at 8:48 AM
Frankly, I don't know enough about the economics of the problems or the details on the bailout. Outside my area of expertise, so I've generally avoided commenting except in how it affects the politics which I'm more comfortable with.
By
mikevotes, at 1:03 PM
An interesting point on the politics is that the next administration will have those expenses on their watch, so to speak.
By
Praguetwin, at 6:32 AM
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