Friday, July 29, 2011
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.