Monday, December 8, 2008

$1 TRILLION IN NEW DEBT (in less than 60 days)

You'll be happy to know that since the market collapsed in the middle of September the federal government has created over $1 trillion in new debt, in an effort to bailout Wall Street (yet, we can't seem to find $34 billion for Detroit, where they actually produce something of value).

To provide some perspective, our nation did not reach $1 trillion in debt until 1980. It took 40 U.S. presidents over two hundred years to spend $1 trillion we don't have. President Bush has done it in less than than 3 months.

Under President Bush we have added over $5 trillion in new debt. As of today, we now owe $10.653 trillion.

- Mark

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