Saturday, August 26, 2006

The Waning Days of the Republic? -7

From the Rolling Stone article referenced in part 6:

"According to the Treasury Department, the forty-two presidents who held office between 1789 and 2000 borrowed a combined total of $1.01 trillion from foreign governments and financial institutions. But between 2001 and 2005 alone, the Bush White House borrowed $1.05 trillion, more than all of the previous presidencies combined. Having inherited the largest federal surplus in American history in 2001, he has turned it into the largest deficit ever -- with an even higher deficit, $423 billion, forecast for fiscal year 2006. Yet Bush -- sounding much like Herbert Hoover in 1930 predicting that "prosperity is just around the corner" -- insists that he will cut federal deficits in half by 2009, and that the best way to guarantee this would be to make permanent his tax cuts, which helped cause the deficit in the first place!"