Friday, July 29, 2011

Debt notes

The Washington Post, certainly no more of an unbiased source than most media outlets, published these notes on how the United States government debt was accumulated.

*Projected federal government surplus in 2001 $2 trillion.

*Projected federal government debt in 2011 $10 trillion.

*50% of this swing is caused by tax revenue decreases (tax cuts) of $6.3 trillion.

*Federal tax collection is at its lowest level as a percentage of the economy in 60 years.

*The Iraq and Afghanistan wars have added $1.3 trillion in new debt.

*Obama's economic stimulus package added $719 billion in new debt.

*The TARP bailout program added only $16 billion in new debt.

*Overall King George the II and his follies added over $7 trillion to the government's debt.

*Obama has added $1.7 trillion to the government's debt.

They didn't note, but we read elsewhere, the debt ceiling was raised by Congress seven times during the eight year reign of Bush II.

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