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Old 03-29-2010, 06:50 AM
 
2,958 posts, read 2,559,901 times
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George W. Bush assumed a balanced budget with surpluses projected all the way to the outyears. If he had just left things alone the entire national debt was scheduled to be paid off by 2012. He immediately used reconciliation to cut taxes with the upper 1% getting half of it and began to borrow from Chinese banks to fund the cuts. He doubled the national debt from $5.7 trillion to $11 trillion.

Now each year we must fork over nearly $500 billion to foreign banks just to pay the interest on the total debt. For comparison we spend about $100 billion on education and less than that on the infrastructure.

The wealthy made out like bandits under every Republican president since 1981 when Reagan took over. Reagan/Bush41 and George W. Bush borrowed 80% of all the debt this country has accumulated in 232 years.

Most of our debt to foreign banks is because Reagan, Bush's daddy and Bush funded tax cuts for the wealthy by borrowing. It's high time the middle class and poor in this country got something besides a raw deal.

Last edited by Melvin.George; 03-29-2010 at 07:55 AM..
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