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Arnold: The Lasting Legacy of George W. Bush PDF Print E-mail
Written by Bruce Arnold   
Monday, 15 June 2009
At or near the end of George W. Bush's Presidency, the combined total of America's debt (about $11 trillion) and unfunded obligations (about $42 trillion) was around $53 trillion: http://en.wikipedia.org/wiki/United_States_public_debt .


At or near the end of George W. Bush's Presidency, the combined net worth of all U.S. households was only $51.5 trillion: www.ritholtz.com/blog/2009/03/us-household-net-worth-falls-18/ .


This means that as of the end of George W. Bush's Presidency, if everyone in America sold off everything we owned and applied every penny to America's obligations, we would all be homeless, penniless, starving, and still in debt to the Chinese, et al., for at least $1.5 trillion.


May our children forgive us ... and may God help our grandchildren.


Bruce Arnold lives in Miami Beach, Fla.

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Thanx for the link
written by cantdrive55, June 16, 2009
Wow, the national debt is about $11 trillion, and congress keeps voting to raise the debt ceiling so they can spend more, go figure...and that unfunded obligation of $42 trillion, gee $41 trillion is social security and medicare. I haven't heard any new arguments for soylent green lately, but there is some new euthanasia talk out there, just ask Wiggins.
More on the way.
written by James, June 16, 2009
And Obama just came around the corner.
Very good point
written by momadance12, June 16, 2009
Perhaps the other comment-ers missed this article: http://tinyurl.com/nkdawx.
You're Right on the money James
written by cantdrive55, June 16, 2009
In a mere three months Mr. Change has added three trillion dollars to our continuing efforts to bankrupt the U.S. with China in tow!
Is The Mortgage Crisis Really GW's Fault?
written by lamar, June 16, 2009
I know former Presiden Harry Truman once said, "The buck stops here," but is it really fair to blame the mortgage crisis which has turned our country upside down financially on one person, George W. Busch?

Lamar Morgan
Nope
written by Fran, June 17, 2009
The debt Bush left behind was a culmination of decades of living beyond our means and figuring it'd never catch up to us. Republicans and Democrats both added to it. And who could resist keeping up with the Joneses? If we disagreed with the wasteful consumer lifestyle and told our kids that $50 shoes were good enough, when all their friends were wearing $100 shoes, well, they set us straight, didn't they? Their mental health suffered if they didn't have a status car to drive to the crowded high school parking lot, and blah blah blah. Hey nobody put a gun to our heads and said, "you better spend, or else." But peer pressure was hard to stand up to, wasn't it? We're all to blame, and our grandkids will have to pay.

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