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|I Am Skooter|
So here's us, on the raggedy edge.
On January 20th, 2009 Barak Obama will be sworn in as the President of the United States of America, the 43rd such man to hold the office.
Perhaps more significantly, it ends the tenure of George W. Bush, a conservative Republican who promised lower taxes and smaller government. So much for the concept of small government.
The result of deﬁcit spending is debt. When President Bush took ofﬁce, the national debt was $5.7 trillion. Now it is $10.6 trillion—and Congress voted in October to raise the debt ceiling to $11.3 trillion, the seventh such hike since President Bush took ofﬁce and the second since last July. If, as is quite likely, we reach the new ceiling by January 20, the outgoing president will have managed to amass more debt than all of his predecessors combined.
And even that number may be too small. When the federal government took over Fannie Mae and Freddie Mac, it also assumed their $5.4 trillion debt. The accounting procedures used by the International Monetary Fund,
and endorsed by the [Congressional Budget Office], normally require that such debt also be taken into account…
- Harper’s, January 2009, pp. 33
History will not be kind. The emphasis was added by me.