I think I posted this graph on PN and I've been waiting for it to be updated with the latest round of information that Bush's budget deficit will hit $490 billion-- the largest in American history.There's just no spinning this data. Though Republicans will try.
*Update:
Bush blames deficit on bipartisan stimulus package. Not being a math person myself, but able to add and subtract, something tells me there would not have been a need for a stimulus package if the government wasn't already running a $400 billion deficit prior to the package. Such huge deficits force the government to borrow money to pay down its debt. Borrowing money against debt weakens the dollar. Hence the cause of a weak dollar and the need for a stimulus package. The dollar is at its weakest point in history. The deficit is at its highest point in history. Pumping more money into the hands of consumers is about the only way to ward off a total monetary collapse. Too bad the stimulus package did nothing to lower gas prices and did nothing to strengthen the dollar. It merely kept us afloat. Literally and figuratively.
See the long straight blue line about to bust off the chart? Was there ever a need for a stimulus package then? No. Debt was being paid down, the dollar was stronger than ever and gas was $1.48/gallon. Bragging that you had to initiate two stimulus packages to Clinton's none is like a football team not only losing the game but getting the bus tires slashed and then bragging about it. Not only did you lose the game, but you walked home. Really something to brag about.
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