Originally posted by Pongo
Hes in a bad spot. The economic, miltitary and political damage that Bush has done will not be undone in the next presidential term. It will take a decade at least and much longer then that to pay off the deficits that Bush ran.
You need a lesson in Economics, Debt, and deficits.
EVERY recession this country has had has been followed by a deficit of about 5% GDP,
Why, you ask? Good question.
Because as tax revenues fall the Government must pick up the slack for funding ALL the INTITALMENT programs that have been created. medicare/medicaid, Social Security etc.
Through in a War, CEO thieves creating miss trust in the Stock Market, which has caused foreign investment to flee, and the bogus tech boom that went bust because of poor business fundamentals and what do you have,
That’s right a 4.8% of GDP deficit (the only true measure).
So about this “record” deficit (that is at the historical average.)
The Record is 38% post WWII. And the past 20-year average is about 6%.
So Bush has done a great job at KEEPING THE DEFICIT DOWN DURING A TIME OF WAR.
So we are right were we would have been for any President after a recession.