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We borrowed the money from China to pay for the Wars in Iraq and Afghanistan. The minute President Obama walked into office Bush had left him with a $1.3 TRILLION dollar debt.
Remember now when Bush was "elected" he had a surplus from Clinton and people whine about Obama spending?
At least he ended the Iraq War which will save us money!
By getting funding bills passed by Congress in piecemeal fashion: $160B here, $80B there. For some reason, conservatives don't consider this as much an outrage as just including the cost in the annual budget which Obama has done, hence the more obvious deficits. I guess one of those reasons is that they'd rather pay for war and death and destruction than spending money on their infrastructure and on fellow citizens, though, we all didn't think banks and insurance companies were actual citizens, did we? Looks like they were the only ones who benefited under both Bush AND Obama.
Not to hijack, but this is related to the discussion: Michael Moore sent out an email yesterday badmouthing the liberals, yes the liberals, for allowing the Bush wars to take place. His comments were in response to Leon Panetta, (former?) director of the CIA who admitted that there are probably around 100 Al Qaeda members in Afghanistan. ONE HUNDRED. And that was an exaggerated estimate. We spent untold billions of dollars and killed untold thousands to combat fewer than 100 people?
He had the biggest credit card in the history of the world. It's called a U.S Treasury Bill, he charged the hell out of it. The current owners of the debt are financial institutions, very rich institutions and individuals, some foreign central banks and governments. The tax dollars of the American people go to pay the interest on this. And the principal, hell we are nowhere close to even smelling paying it down.
China (there must be a reason China rose from #2 to #1 lender during his term). Him and the republicans worked for it, and not unlike the cost of massive tax cuts ($800B, IIRC) and of course, another $800B for Medicare Part C whose expense was to be passed down to the future, if money didn't grew on trees.
And having figured out money did grow on trees, he and the "fiscal conservatives" at the time made sure the expense was unnecessary to be a part of the annual budget.
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