With no fanfare and little notice, the national debt has grown by more than $4 trillion during George W. Bush‘s presidency.
It’s the biggest increase under any president in U.S history.
On the day President Bush took office, the national debt stood at $5.727 trillion. The latest number from the Treasury Department shows the national debt now stands at more than $9.849 trillion. That’s a 71.9 percent increase on Mr. Bush’s watch.
The bailout plan now pending in Congress could add hundreds of billions of dollars to the national debt – though President Bush said this morning he expects that over time, “much if not all” of the bailout money “will be paid back.”
But the government is taking no chances. Buried deep in the hundred pages of bailout legislation is a provision that would raise the statutory ceiling on the national debt to $11.315 trillion. It’ll be the 7th time the debt limit has been raised during this administration. In fact it was just two months ago, on July 30, that President Bush signed the Housing and Economic Recovery Act, which contained a provision raising the debt ceiling to $10.615 trillion.
Source: CBS News
In addition to balancing the budget on the backs of those who became insanely rich during the Bush years while, at the same time, shipping all of America’s jobs overseas, I suggest we stop paying the two houses of congress until they balance the budget. Why would we continue to pay people who are not doing their jobs? Fiscal responsibility is one of their jobs!
And maybe a new law should be passed that the government is dissolved when it fails to execute a budget that not only is balanced but leaves a substantive surplus to pay down the existing debt. No congressman or senator who was part of the failed balanced budget could ever be elected to public office again.
I rather like this idea.