There’s more bad news about Bush’s reckless borrowing and his out-of-control war spending in today’s Dispatch:
Like a ticking time bomb, the national debt is an explosion waiting to happen. It’s expanding by about $1.4 billion a day – or nearly $1 million a minute.
This comes out to about $30,000 in debt for every person in the US.
The national debt was at $5.7 trillion when Bush took office- and it’s going to top $10 TRILLION by the time Bush leaves office.
One big problem: Foreign governments and investors own 44 percent of that debt. That includes Japan, China and Britain along with Saudi Arabia and other oil-exporting countries!
And critisism is coming from Republicans and Democrats alike. According to Ohio’s Republican Senator George Voinovich:
“Borrowing hundreds of billions of dollars from China and OPEC puts not only our future economy, but also our national security, at risk. It is critical that we ensure that countries that control our debt do not control our future”
The other problem is: we have NOTHING to show for all of our debt.
We didn’t buy something useful with it or invest it wisely.
We didn’t spend it things that might actually have helped secure our country like improving the security of our ports or airports or even building a border fence.
We didn’t spend it on things that might have actually helped grow our economy like improving our country’s transportation infrastructure or improve our nation’s schools.
No WE spent it DESTROYING Iraq. We spent it on a ‘war on terror’ that ended up turning a country with no terrorists into a huge training ground for terrorists!
In the end, we got nothing for the billions of dollars we borrowed except thousands of dead american soldiers, tens of thousands of dead civilians in Iraq, more terrorists, a housing and credit credit crisis, out-of-control fuel prices, a flailing economy and a huge debt that we will be paying off for generations.