The budget deficit forecast from the Bush White House – almost a half trillion dollars for next year – has set a new record and that is most disturbing. We have seen an economy go from healthy surpluses to record deficits under President Bush’s reign. The U. S. dollar is at a record low as a result of this administration’s fiscal irresponsibility. As we approach the fall of the year, we find our country in a recession which is growing worse week-to-week. For some reason the projected deficit by the White House doesn’t include the spending on the wars in Irag and Afghanistan which are costing more than $5 billion per week.
It’s sad to say, but we are becoming a nation that is getting deeper and deeper in debt with our creditors including foreign countries such as China. Our national debt – which has doubled during the Bush years – is now almost $6 trillion. This means we are paying over $250 billion a year in interest on this debt. George Bush will go down in history as the worst President for the nation’s economy since Hoover and that indeed is a sad legacy.
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