Comments on: How much of the national debt was carried over from the Bush Amdinistration? http://taxlawyernyc.net/how-much-of-the-national-debt-was-carried-over-from-the-bush-amdinistration.htm Tax Attorney New York, Tax Lawyer New York Fri, 30 Jul 2010 07:09:38 +0000 http://wordpress.org/?v=2.7.1 hourly 1 By: Felonius Monkey http://taxlawyernyc.net/how-much-of-the-national-debt-was-carried-over-from-the-bush-amdinistration.htm/comment-page-1#comment-8765 Felonius Monkey Mon, 21 Dec 2009 05:46:04 +0000 http://taxlawyernyc.net/how-much-of-the-national-debt-was-carried-over-from-the-bush-amdinistration.htm#comment-8765 All of it. "Reagan proved deficits don't matter," Vice President Cheney said in 2002 when pushing for a fresh round of tax cuts. With this attitude in hand, Bush passed on a budgetary nightmare to his successor. Bush came into office with an advantage few presidents have enjoyed -- a $230 billion surplus. But due to a $1.35 trillion tax cut in 2001, a $1.5 trillion tax cut in 2003, and a massive defense buildup through the Iraq and Afghanistan wars, Bush quickly blew through that surplus. The next president will "inherit a fiscal meltdown," Senate Budget Committee Chairman Kent Conrad (D-ND) warned in February 2008, as the Bush administration projected a budget deficit of $400 billion. After the financial crisis emerged last fall and the ensuing bailouts, Bush's budget deficit ballooned to over $1 trillion. http://www.huffingtonpost.com/the-progress-report/the-bush-deficit_b_169475.html All of it.

"Reagan proved deficits don’t matter," Vice President Cheney said in 2002 when pushing for a fresh round of tax cuts. With this attitude in hand, Bush passed on a budgetary nightmare to his successor. Bush came into office with an advantage few presidents have enjoyed — a $230 billion surplus. But due to a $1.35 trillion tax cut in 2001, a $1.5 trillion tax cut in 2003, and a massive defense buildup through the Iraq and Afghanistan wars, Bush quickly blew through that surplus. The next president will "inherit a fiscal meltdown," Senate Budget Committee Chairman Kent Conrad (D-ND) warned in February 2008, as the Bush administration projected a budget deficit of $400 billion. After the financial crisis emerged last fall and the ensuing bailouts, Bush’s budget deficit ballooned to over $1 trillion.

http://www.huffingtonpost.com/the-progress-report/the-bush-deficit_b_169475.html

]]> By: Mike O http://taxlawyernyc.net/how-much-of-the-national-debt-was-carried-over-from-the-bush-amdinistration.htm/comment-page-1#comment-8766 Mike O Mon, 21 Dec 2009 05:46:04 +0000 http://taxlawyernyc.net/how-much-of-the-national-debt-was-carried-over-from-the-bush-amdinistration.htm#comment-8766 http://www.treasurydirect.gov/govt/reports/pd/histdebt/histdebt.htm http://www.treasurydirect.gov/govt/reports/pd/histdebt/histdebt.htm

]]> By: scifnutt http://taxlawyernyc.net/how-much-of-the-national-debt-was-carried-over-from-the-bush-amdinistration.htm/comment-page-1#comment-8767 scifnutt Mon, 21 Dec 2009 05:46:04 +0000 http://taxlawyernyc.net/how-much-of-the-national-debt-was-carried-over-from-the-bush-amdinistration.htm#comment-8767 surplus? you are joking, right. if not anything other then what you want to be true you wont believe surplus?
you are joking, right.
if not anything other then what you want to be true you wont believe

]]> By: Bert http://taxlawyernyc.net/how-much-of-the-national-debt-was-carried-over-from-the-bush-amdinistration.htm/comment-page-1#comment-8768 Bert Mon, 21 Dec 2009 05:46:04 +0000 http://taxlawyernyc.net/how-much-of-the-national-debt-was-carried-over-from-the-bush-amdinistration.htm#comment-8768 When Bush was sworn in on January 20, 2001, the national debt was $5,727,776,738,304.64. When Bush left office on January 20, 2009, the national debt was $10,626,877,048,913.08. The growth in the national debt during his eight years in office: $4,899,100,310,608.44. Currently, it's at $12,139,171,775,200.64...........an increase of $1,512,294,726,287.56 in less than one year. When Bush was sworn in on January 20, 2001, the national debt was $5,727,776,738,304.64.

When Bush left office on January 20, 2009, the national debt was $10,626,877,048,913.08.

The growth in the national debt during his eight years in office: $4,899,100,310,608.44.

Currently, it’s at $12,139,171,775,200.64………..an increase of $1,512,294,726,287.56 in less than one year.

]]> By: Rise Above communism http://taxlawyernyc.net/how-much-of-the-national-debt-was-carried-over-from-the-bush-amdinistration.htm/comment-page-1#comment-8769 Rise Above communism Mon, 21 Dec 2009 05:46:04 +0000 http://taxlawyernyc.net/how-much-of-the-national-debt-was-carried-over-from-the-bush-amdinistration.htm#comment-8769 It's not our dept that bothers you, it's how much bush left, today in the real world obama is president, he is the person that you should worry about with our dept., bush can't hurt you no more O.K What is it you guys live in the past with bush and in the future with global warming, what happened to the now It’s not our dept that bothers you, it’s how much bush left, today in the real world obama is president, he is the person that you should worry about with our dept., bush can’t hurt you no more O.K What is it you guys live in the past with bush and in the future with global warming, what happened to the now

]]> By: neocon idiot http://taxlawyernyc.net/how-much-of-the-national-debt-was-carried-over-from-the-bush-amdinistration.htm/comment-page-1#comment-8770 neocon idiot Mon, 21 Dec 2009 05:46:04 +0000 http://taxlawyernyc.net/how-much-of-the-national-debt-was-carried-over-from-the-bush-amdinistration.htm#comment-8770 I tend to look at budget to budget. When Bush's first budget took effect on Oct 1, 2001, the debt was about $5 trillion dollars. When Bush's last budget expired on September 31, 2009, the debt was over $11 trillion dollars. I tend to look at budget to budget.

When Bush’s first budget took effect on Oct 1, 2001, the debt was about $5 trillion dollars.

When Bush’s last budget expired on September 31, 2009, the debt was over $11 trillion dollars.

]]> By: Bad Wolf http://taxlawyernyc.net/how-much-of-the-national-debt-was-carried-over-from-the-bush-amdinistration.htm/comment-page-1#comment-8771 Bad Wolf Mon, 21 Dec 2009 05:46:04 +0000 http://taxlawyernyc.net/how-much-of-the-national-debt-was-carried-over-from-the-bush-amdinistration.htm#comment-8771 Wrong on both accounts. There was no surplus. The debt was not tripled by Bush. Also don't forget that spending is controlled by Congress not the President. The largest increases in debt during Bush's Presidency were the last two, when the Democrats controlled Congress. Year - Gross Debt in Billions - as % of GDP 2001 - 5,769.9 - 57.4 2002 - 6,198.4 - 59.7 2003 - 6,760.0 - 62.6 2004 - 7,354.7 - 63.9 2005 - 7,905.3 - 64.6 2006 - 8,451.4 - 65.0 2007 - 8,950.7 - 65.6 2008 - 9,985.8 - 70.2 By Contrast here are the projected debts - 2009 (est.) - 12,867.5 - 90.4 2010 (est.) - 14,456.3 - 98.1 Insanely high. Wrong on both accounts.

There was no surplus.
The debt was not tripled by Bush.

Also don’t forget that spending is controlled by Congress not the President. The largest increases in debt during Bush’s Presidency were the last two, when the Democrats controlled Congress.

Year - Gross Debt in Billions - as % of GDP

2001 - 5,769.9 - 57.4
2002 - 6,198.4 - 59.7
2003 - 6,760.0 - 62.6
2004 - 7,354.7 - 63.9
2005 - 7,905.3 - 64.6
2006 - 8,451.4 - 65.0
2007 - 8,950.7 - 65.6
2008 - 9,985.8 - 70.2

By Contrast here are the projected debts -
2009 (est.) - 12,867.5 - 90.4
2010 (est.) - 14,456.3 - 98.1

Insanely high.

]]> By: DAR http://taxlawyernyc.net/how-much-of-the-national-debt-was-carried-over-from-the-bush-amdinistration.htm/comment-page-1#comment-8772 DAR Mon, 21 Dec 2009 05:46:04 +0000 http://taxlawyernyc.net/how-much-of-the-national-debt-was-carried-over-from-the-bush-amdinistration.htm#comment-8772 about 10 trillion. It is cumulative unless paid down or off, which Bush didn't do. But Obama could teach him quite a bit about deficits, see chart: http://flutemandy.files.wordpress.com/2009/03/deficit-chart.jpg about 10 trillion.

It is cumulative unless paid down or off, which Bush didn’t do.

But Obama could teach him quite a bit about deficits, see chart: http://flutemandy.files.wordpress.com/2009/03/deficit-chart.jpg

]]> By: Pat http://taxlawyernyc.net/how-much-of-the-national-debt-was-carried-over-from-the-bush-amdinistration.htm/comment-page-1#comment-8773 Pat Mon, 21 Dec 2009 05:46:04 +0000 http://taxlawyernyc.net/how-much-of-the-national-debt-was-carried-over-from-the-bush-amdinistration.htm#comment-8773 "When Bush was sworn in on January 20, 2001, the national debt was $5,727,776,738,304.64. When "W" left office on January 20, 2009, the national debt was $10,626,877,048,913.08. The growth in the national debt during his eight years in office: $4,899,100,310,608.44. The average yearly growth in the national debt during Bush's presidency: $612,387,538,826.05. During much of Bush's tenure, he had a Republican majority in both the House and the Senate. He claimed that tax cuts would pay for themselves - they did not. He claimed that tax cuts would result in growth - we are in the worst economic downturn since the Great Depression." http://agonist.org/amc/20090123/bushs_two_term_increase_in_the_national_debt As of today, "The latest posting by Treasury shows the National Debt at nearly $12.135 trillion." http://www.cbsnews.com/blogs/2009/12/16/politics/politicalhotsheet/entry5987341.shtml GOOGLE KNOWS ALL. "When Bush was sworn in on January 20, 2001, the national debt was $5,727,776,738,304.64.
When "W" left office on January 20, 2009, the national debt was $10,626,877,048,913.08.
The growth in the national debt during his eight years in office: $4,899,100,310,608.44.
The average yearly growth in the national debt during Bush’s presidency: $612,387,538,826.05.
During much of Bush’s tenure, he had a Republican majority in both the House and the Senate.
He claimed that tax cuts would pay for themselves - they did not. He claimed that tax cuts would result in growth - we are in the worst economic downturn since the Great Depression."
http://agonist.org/amc/20090123/bushs_two_term_increase_in_the_national_debt

As of today, "The latest posting by Treasury shows the National Debt at nearly $12.135 trillion."
http://www.cbsnews.com/blogs/2009/12/16/politics/politicalhotsheet/entry5987341.shtml

GOOGLE KNOWS ALL.

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