Record Debt

Bush surprised us all with a $490b deficit for 2008, well above his projections. He tries to downplay it by stating that it is "only" 3.3% of GDP.

However, overall debt levels paint a more stark picture:

National Debt/GDP
1980: 32.59% (909.0/2789.5)
1992: 63.14% (4001.8/6337.7)
2000: 57.02% (5628.7/9871.2)
2008: 74.46% (10,573.5/14,201)*


*Tables B-1 and B-78 of the President's Economic Report for 2008, the June 2008 report of the President's Council of Economic Advisors.

Notice how the Reagan/Bush years turned a 33% debt into a 63% debt? It ticked down slightly under Clinton, but skyrocketed to where our debt is 3/4 of our output.

These figures don't include entitlements, which are going to bust our budgets very soon. Instead of helping us prepare for the Baby Boomer retirements, Bush has sold us down the river for a phony war and enrichment of the already rich.