Bush Has Doubled National Debt with Deficits

Jack Cafferty interviews former Nixon Commerce Secretary Pete Peterson, who discusses the unfortunate political and financial reality of the Bush Administration's excessive spending, deficits, and China borrowings, rendering us both politically and financially vulnerable, as we devolve into third world nation status. Another reason why the Bush legacy will be to take us from the World's most formidable military and financial power steps closer to being third world nation.

Category:

News & Politics

Tags:

• Jack
• Cafferty
• Pete
• Peterson
• Deficit
• Spending
• China
• Trade

[AmericansWakeUp]

That to the extent the US borrows money, to avoid an extended recession or depression and job losses, we will be investing capital and adding assets to our balance sheet. We must be encouraged if Congress and our Treasury invests in projects that (a) create jobs or (b) develops valuable assets and technologies (i.e. energy, roads, hospitals, schools, electric grid, rapid transit, etc.). These are investments in America and our future.

[jedipauly]

The "debt" is an illusion. The U.S. dollar is fiat money backed by nothing. If we owe a debt, and someone calls their debt due, what are they going to be paid with? More worthless dollars printed at will? The world and American people have been scammed into financing debt and exchanging goods for worthless pieces of paper printed at will! You are all fools! The "debt" is just numbers on paper and not real and can be canceled at any time. That is why the value of the dollar is plunging!

[AmericansWakeUp]

You are not taking into account that the debt service on our National Debt is paid as part of our National annual budget, and at one time, when it was at $5 trillion was 20% to 25% of our national budget. Deficits, expenses (that include interest) in excess of income (from taxes) generate inflation, and erode the value of the dollar that you are complaining about. The problem is the national debt, because it consumes a greater % of our national budget, preventing use of funds in other areas.

[dtebh]

Bush is not the problem. Granted, he hasn't done as anyone thought, but BUSH is not the one who spends. It's CONGRESS. CONGRESS controls the budget and spending. All BUSH can do is veto. And then the CONGRESS just overrides the veto and the spending starts. BUSH went to CONGRESS to get funding for the war. THERE IS NO ACCOUTABILITY IN CONGRESS FOR SPENDING. See what DAVE WALKER and the GAO videos are all about.

[AmericansWakeUp]

The problem you are not seeing is that Bush's Medicare Pharma bill added in excess of $1 trillion, the war in Iraq that will eventually run $3 trillion (including our exit strategy and fixing our military), among other policy decisions that have over-paid Halliburton and other no-bid contractors, including Bechtel, billions of our tax dollars.  What you do not see is that our Treasury has been looted by this administration who has given trillions of our tax dollars to their friends.

[AmericansWakeUp]

To dtebh:

I guess your political bias seven months ago distorted your view of reality, and ability to connect the dots. I wonder what you are thinking about this Bush economy now? Have you been able to figure out that this entire fiasco is a result of Bush's mismanagement of our economy and treasury, or are you still living in Fox newsland.

[mactos678]

I have some solutions as well:

1)sell off our new multibillion dollar embassy in Iraq to the Iraqi "goverment".

2)BRING OUR TROOPS HOME FROM EVERY FORIEGN COUNTRY!

3)Defend our borders so that labor costs don't keep getting cheaper for corporations.

4)give tax cuts and social security benifits to people who qualify as Middle Class and lower.

5)NO MORE NAFTA

6)CLEAN ENERGY adjustment which would provide jobs.

7)Every American storeshould have an "American Made" Isle in their store. -ILA

[rodneyirani]

We went to war with Iraq after 1)supplying them with weapons for 8 years during the Iran/Iraq war 2) knowing they didnt have weapons of mass destruction

3)We borrow money, alot from China, who is a supporter of Iran. We do good Public Relations by having the Olympics there.

4) Set up our military in Iraq which is across from Iran. We borrow money and threaten not to pay it back unless they back us up. Elect John Mccain to finish what Bush started =TARGET = IRAN. GET IT???

[NikovK]

Ah, the good old days.

[born912]

Hahahahahahahahahahahahahahaha­hahahhaa.THE NEXT ROMAN EMPIRE

[puttputtking]

Actually Obama has spent more money than any president ever since Reagan. If he was so serious about lowering the debt he wouldn't have let the current Congress spending our tax dollars on stuff we don't need.

[highnote606]

"Americans actually spend more than they earn"

This is due to a corporate led culture that traps the consumer into a credit trap with rich advertisments of material incentives for buying now and paying later. It means that our own leaders have put more worth on money than anything else. But the dollar has become almost worthless. The people ALWAYS pay for it. That is why the people need to storm the big companies and burn them down.

[Americanswakeup2]

The SupplySider's Hoax: Bush-I called it voodoo economics. Their "theory" is that cutting taxes for the super rich will encourage them to work so much harder and make so much more money that they will pay more taxes, even though their tax rate went down. Well the voodoo didn't work in 20 out of 20 years.

[Americanswakeup2]

Bush II (and his supplysiders) would have run up only $3.8 Trillion, not $6.1T, which is what happened under Bush II. Before the supplysiders, Dems and GOPs brought the debt down relative to our income in 27 out of 35 years. The supplysiders (with Reagan and the Bushes) raised it 20 out of 20 years.

[Americanswakeup2]

Reagan increased the debt by $1.9Trillion.Then Bush brought it to $3.4T. Then all collected interest for the next 17 yrs, and with compounding grew to $8.2T by Sept.'10. Clinton, Bush II and Obama are not to blame for that interest, and without it, Clinton would have paid off most of the debt.

[FreedomInAmerica]

Clinton didn't leave a $5.6 Trillion surplus but a $1.4 trillion debt over eight years. He borrowed from Social Security, part of a $115 Trillion unfunded liability, to make it seem he left a surplus. See my about me for links. The Debt Clock should be adjusted increasing the national debt from $14.0 to $21 Trillion and reducing our unfunded liabilities by $7 Trillion to reflect the truth about Clinton.

.

Allen West 2012

[Twilightifyable]

@AmericansWakeUp

The debt when George W. Bush took office was $5.727 Trillion when he left it was $10.627 Trillion. The total debt that George W accumulated in eight years of office is $4.9 Trillion The debt right now is $13.018 Trillion. In approximately 490 days in office, he has accumulated $2.391 Trillion. Using simple algebra, you'll find that Obama will have accumulated in 2.75 years (Sept 2011) what George W. did in 8 years.

[THEADVENTUREJUNKIE]

@LinkinPark640  Yea .That may be so. But No1 really handles the price perfectly. Frances system still kicks our American asses. Matter of fact every1s healthcare system kicks our asses. Yes I have heard that Sweden has may be the best. I have also seen Norway, France, and the Netherlands @ #1 SPOT. Depends whose doing the report or study. But yes I agree U may be right. I think they all are pretty close.