Of course rising national deficits and skyrocketing national/personal debt is a terrible thing for all of us, and is one of the many reasons that George Bush is a horrific President. He had claimed recently that his plans of reducing taxes on the rich and giving less to the poor was working. Too bad for him, the facts get in the way of that ridiculous assertion.
From RawStory:
President George W. Bush is leaving taxpayers with more than just a spate of scandals, tax cuts and warrantless wiretapping. He's also leaving the American people with a massive $438 billion deficit next year -- some 8 percent worse than this year, at $407 billion.
The $438 billion deficit next year does not include any accounting for Fannie Mae of Freddie Mac, the mortgage giants the US just took into receivership, and whose loans US taxpayers are now responsible for.[...]
President Bill Clinton left office with a federal budget surplus of $127 billion in 2001. That surplus was $200 billion in 2000.
What a difference eight years makes. I can't even imagine how much worse it would look if McCain got to take over for another four or (gasp!) eight. As the article notes, no matter who is President next year, there is no way that they can get around the massive deficits and piling debt that George Bush has given the United States during his term. The difference between McCain and Obama is that the former will keep piling on and the latter will work to reduce it.
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