I thought this was pretty interesting:
All those numbers keep bouncing around my head…
The national debt increased from about 5.6 trillion to 9 trillion. Bush has been in office for 6 years. Therefore, each year of his administration, about half a trillion dollars more is borrowed, about half of which comes from other countries. The government earns $2.7 trillion this year. Doesn’t that mean that the US is borrowing about 15% of its annual income each year? It seems like that kind of borrowing is too much!
Paying .27 trillion per year for a $9 trillion debt, that’s a 3% interest rate. Not so high, but it adds up.
US national debt will double in Bush’s two terms. Some interesting charts and analysis on the debt I found from a link at the US Treasury Department website.
Seems like government spending will definitely be limited when the debt is more than double the GDP. Cutting taxes but not cutting spending…
Well, I just find it interesting because recently while debating the fact that the Bush administration had, of all the things, cut the budge for public television and radio, a Forumosan quoted all these numbers at me showing what a tiny portion of the budget is spent on military concerns in comparison to social spending and whatnot. Well, he clearly isn’t get his information from the site you’ve posted!