Wednesday, March 17, 2010

Financial Times: George W Bush's $11,000bn debt legacy?

Chicago IL USA Wednesday AM 17 March 2010

Editors, UK Financial Times


The Financial Times' article “America needs to invest in jobs – and fast” of Tuesday, March 16 says the United States needs to “... produce enough wealth to pay off... President George W Bush's $11,000bn debt legacy.”

The 2010 Statistical Abstract of the United States Table 457 page 304 “Federal budget receipts and outlays 1960-2009” shows that fiscal years 2001-2008 total US deficit was $1,739.9bn (constant 2000 $.) To be fair, the Democrats controlled the House of Representatives, the Constitutional source of spending decisions, for Fys 2007-2008, accounting for $497.4bn of that deficit.

But of course, to Democrats, what is really fair is the Abstract's projected 2009 $1.440.1bn is Bush's fault, as is the 10-year projection of $trillion annual deficits, finally achieving your $11,000bn claim.

Arnold H Nelson

PS: Have you ever considered temporarily deleting the word 'Financial' from your masthead on days when you print wild-assed guesses like this?

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