2011-01-16, 09:35 PM
Before Bush, the debt was about $5.7 trillion, and Clinton left us with a Surplus and we were able to begin paying off the debt. Then Bush comes along, promises to keep the surplus, and he leaves us with about a $10 trillion dollar debt. Now Obama is in office, and continued all of Bush's policies and now our debt is up to $14 trillion. Nearly tripling our debt in 12 years is terrible compared to our 200 year history as a nation.
If this debt and excessive printing of US dollars continues our standing as the world's reserve currency will be compromised (actually it is compromised now, Russia and China stopped using it already) and once our status is gone our economy is going to collapse.
Edit: Debt Clock http://www.usdebtclock.org/
If this debt and excessive printing of US dollars continues our standing as the world's reserve currency will be compromised (actually it is compromised now, Russia and China stopped using it already) and once our status is gone our economy is going to collapse.
Edit: Debt Clock http://www.usdebtclock.org/