Originally Posted by Ateneo_BluEagles
before bush, $500 Billion surplus...during Bush's presidency, US owes more than $1,500,000,000,000 (and counting)
Just about any way you reasonably can look at it, the budget deficit is not unusual or out of control. For example:
In the last 45 years (since 1962) the cummulative national debt averaged 198.50%
of federal revenues and 177.45% of federal spending.
In 2006 the cummulative national debt was 200.60% of federal revenues and 181.85% of federal spending.
Current numbers are in-line with historical numbers and should not be criticized so strongly.
However, I agree that it is time to pay down the debt. The cycle is coming due. This is done through budget cuts.