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George W. Bush’s Legacy: A $ 10 Trillion National Debt

by @ 3:18 pm on October 4, 2008. Filed under George W Bush, Politics

By the time he leaves office, George W. Bush will have increased the national debt more than any other President in American history:

With no fanfare and little notice, the national debt has grown by more than $4 trillion during George W. Bush’s presidency.

It’s the biggest increase under any president in U.S history.

On the day President Bush took office, the national debt stood at $5.727 trillion. The latest number from the Treasury Department shows the national debt now stands at more than $9.849 trillion. That’s a 71.9 percent increase on Mr. Bush’s watch.

But wait, there’s more:

The bailout plan now pending in Congress could add hundreds of billions of dollars to the national debt – though President Bush said this morning he expects that over time, “much if not all” of the bailout money “will be paid back.”

But the government is taking no chances. Buried deep in the hundred pages of bailout legislation is a provision that would raise the statutory ceiling on the national debt to $11.315 trillion. It’ll be the 7th time the debt limit has been raised during this administration. In fact it was just two months ago, on July 30, that President Bush signed the Housing and Economic Recovery Act, which contained a provision raising the debt ceiling to $10.615 trillion.

Of course Bush didn’t do it alone, for six years he had a Republican-controlled Congress that helped him do it. Because of both of them, the Republican Party has lost all credibility with the American voter as the party of fiscal conservatism. It will take a long time to earn that reputation back.

Thanks a lot, Mr. President. For nothing other than a boat load of debt.

13 Responses to “George W. Bush’s Legacy: A $ 10 Trillion National Debt”

  1. [...] Below The Beltway » Blog Archive » George W. Bush’s Legacy: A $ 10 Trillion National Debt Below The Beltway » Blog Archive » George W. Bush’s Legacy: A $ 10 Trillion National Debt [...]

  2. [...] Mataconis Below The Beltway Sunday, Oct 5, [...]

  3. Brooke Rector says:

    “Thanks a lot, Mr. President. For nothing other than a boat load of debt.”

    Back on Sept. 11 2006 you wrote “In some ways, its amazing that we’ve gone five years now without another disaster like 9/11. Hopefully, we’ll be able to say the same thing on September 11, 2011.” Well, we were able to say that on Sept. 11 2008. Thanks in large part to George W. Bush. And a lot of money spent in South Asia fighting Al Qaeda and its friends over there. Never forget.

  4. Brooke,

    If the majority of the money that the Bush Administration had spent had been on national defense, your argument would make sense.

    That’s not true, though, so, you know, try again.

  5. [...] Below the Beltway With no fanfare and little notice, the national debt has grown by more than $4 trillion during George W. Bush’s presidency. [...]

  6. Brooke Rector says:

    Doug,

    I’m not claiming that’s the reason for the record debt. The reason for the record debt is no fiscal restraint by Bush as head of the Repub Party and all-to-willing accomplices on the Dem side of the aisle in Congress. No, my point, as I thought I made clear, was simply that as you remember the legacy of George W. Bush, it’s fine to remember the record debt. But also remember the homeland safety that many of us didn’t think we’d enjoy over these past 7 years. Saying “Thanks for nothing other than debt” is an ill-considered statement on your part.

    I think you are a fairly wise middle-of-the-roader among bloggers. I’d hate to see you go all BDS :-)

  7. [...] Mataconis | Below The Beltway | Sunday, Oct 5, [...]

  8. Brooke,

    Do you really think that the response to 9/11 would have been any less effective in preventing additional attack on the homeland if someone else had been President ?

    I used to think that, but I don’t anymore.

    The Bush Administration handled Afghanistan well at the beginning, but then they went down the wrong path by invading and then occupying Iraq on the silly assumption that we could impose democratic values on a nation that has no history of them.

    We pretty much guaranteed that there wouldn’t be any large scale 9/11 attacks in the first months of the Afghan War when we sent al Qaeda scurrying into the caves and mountains — it’s sort of hard to run an international terrorist organization when you don’t even have running water.

    Call it BDS if you wish, but I’ve come to the conclusion that George W. Bush has been the worst American President since Richard Nixon, and it will be a while before the nation, and the Republican Party, recovers from the mistakes he made and participated in.

  9. Yoyojie says:

    Thank Bush for wha… ? The ONLY terrorist attack on American soil happened on HIS watch . We Will NEVER forget , right ?
    OH YEAH , the first one happened 30) days into Clinton’s watch , But that dumbass never had the simple enough mind set to blame it on his predecessor . and then there are those who think 9/11 was an inside job , but Bush won’t let that be investigated .
    There will always be those who try to cut him some slack but , He let our guard down , when he didn’t read the report . He spent a boat load fighting boogy men , for seven + years he told us the economy was strong , His partner (*Cheney) called it the envy of the world . they both were lying .
    BUT take heart . Some hot shot in the non existent liberal media , which is run by conservatives , will figure out a way to cleverly blame this on the Democrats , and we’ll all be able to regress back into our peaceful lull , and pretend that everything is how it’s supposed to be .

  10. Max says:

    Doug you belong on MSNBC or CNN, it makes me sick to see you parade around like your part of the alternative media

  11. Ivana Cardinale says:

    Bush has waisted the US people’s money on an invasión to middle east countries, killing hundreds of thousands of innocent children, women and men, for the profit of US transnationals like General Dynamics, Haliburton, Chevron Texaco, Blackwater, etc., while pushing the US citizens to poverty. It´s incredible that still there are people that beleive in Al-Qaeda and all that bull shit. The towers were blowed by the US goverment in order to justify what they have done to afghanistan and Irak, not forgetting the support to Israel when Lebanon was attacked, and Georgia recently. The goverment has invested the US citizens money in order for the private companies to make the profit. And the people sleeping in tents and cars because they have lost their homes Thanks to the crisis.!Wake up and stand up for your rights! Now, Is the Us the dream country or the nightmare country?

  12. The American people should know that George W. Bush is not only a war criminal: he is also a hate-crime criminal.

    George W. Bush had better stop committing hate crimes.

    Submitted by Andrew Yu-Jen Wang
    B.S., Summa Cum Laude, 1996
    Messiah College, Grantham, PA
    Lower Merion High School, Ardmore, PA, 1993

    http://andrewyu-jenwang.blogspot.com/

  13. Hello, may I cite some of the information here in this article if I mention you with a link back to your site?

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