Iriemon

On the last day of the fiscal year 2008, the total debt of the US government exceeded $10 trillion dollars for the first time.

09/30/2008 $10,024,724,896,912.49

Debt to the Penny (Daily History Search Application)

"Future generations shouldn't be forced to pay back money that we have borrowed. We pay back money that we have borrowed. We owe this kind of responsibility to our children and grandchildren"

President Bush 3/3/01

"For decades, we have piled deficit upon deficit, mortgaging our future and our children's future for the temporary convenience of the present. To continue this long trend is to guarantee tremendous social, cultural, political, and economic upheavals. You and I, as individuals, can, by borrowing, live beyond our means, but for only a limited period of time. Why, then, should we think that collectively, as a nation, we are not bound by that same limitation?"

President Reagan, Jan. 20, 1981

Wise and prophetic words.

Failed government.

Failed responsibility to our children and grandchildren.

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jfuh

Baby boomers definitely ****ed it up for the rest of us.

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obvious Child

I love how Reagan said that and then proceeded for 6 years to run up the largest deficits and debts at the time. Did he not get his own memo?

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jfuh

Bush I stole the memos and gave it to Jr. who thought it a good catch phrase for his election in '02 but scribbled some obscenity on the back of it and the janitors threw it out as trash.

84eight

Alan Greenspan's starting to look like quite the fool. Pump up the balloon, look like a hero as the public's fat, dumb, and happy -- then retire and watch the whole thing inevitably burst. It's looking like he completely failed in his duties, by failing to maintain a semblance of equilibrium in the economy. Some people have seen it for years -- but others were living too large to notice or care.

Some of the over-rated aren't yet so obvious. Bill Clinton, hailed for balancing the budget and erasing national debt, also got the ball rolling fast on the exodus of manufacturing in America. We'll soon learn that the only way out of this mess is just as it always was -- to add value. The New Deal era had some government programs, but it occurred at a time when American manufacturing was strong. This time around, it's not there. The days of simulating value by moving money around are over. And in that climate, let's see how well the butcher gets by with the baker and candlestick maker gone away.

Goldenboy219

You mean 2000/2004. Its funny how people are quick to blame Bush, yet spending has not decreased since the Dem's took control of congress in 2006.

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Iriemon

Actually, that is not completely descriptive. The spending increase in 2007 was 2.8%, far below the ~7+% its been averaging since 2000. But its up more this year, I think.

jfuh

Perhaps you can demonstrate how spending decreased or remained unchanged when Republicans - who btw ran on fiscally responsible - had control of both executive and legislative branches from Jan. 2001 until Jan. 2007?

obvious Child

Which isn't surprising. Generally democrats are not know for their fiscal restraint. It's a reason I'd consider voting for McCain purely for legislative gridlock.

New World Order

Terrible, yes, but where does the fault atually lie. Isn't it with us? When things were hunkiedorrie we spent and spent and now everyone is pointing the finger when the chips are down. This is like living next door to McDonalds, knowing it is bad but still going their anyway, popping up to 300 pounds and then when you have a massive heart attack...blame McDonalds for it! Its the blame game and no measure of self restraint. It is true that it is frustrating that as soon as you elect a "home town" local grass roots fellow and he mysteriously turns into one of the elite that will turn up for town meetings but now does it for appearance purposes only. American's need to put their foot down and stop paying for this. I know it may sound treasonous but if 10's of millions of Americans simple write "no thanks" on their next IRS form and then just let them try and arrest a good portion of the nation. Sometimes drastic measures need to be taken...god knows they are NOT listening, even now.