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?
I've lived in Detroit, St Louis, Kansas City, Pittsburgh PA, Marblehead MA. Worked as tech rep in Southern CA, Bay area, NYC, I've been to Europe a dozen times (Ireland, UK, Scotland, Sweden, Finland, Belgium.
Favorite restaurants are Gene & Georgetti's in Chicago, Roma Cafe in Detroit, Frankie and Johnie's in NYC, Rigazzi's on the hill in St. Louis (Also Charlie Gitto's, was Angelo's when I went there.)
For about a year I had small offices in Clayton MO, in the Country Club Plaza in KC. I rode a ten-speed bike around Lake Michigan (The bottom half in one week in June 1978, another week for the top half in 1980, used the Badger both times.
Don't get to travel much anymore, but still try to rent a car and go around the Lake in March every year. Sure, there's still snow, and it's not warm, OTOH there are no bugs and no toursts. Greatest little tavern in the world is Sherry's Port Bar in Garden UP MI