National Debt Surpassed $10 Trillion Mark

[Mrs. Sharon B. Hodge]

Jim Rogers on America Financial Crisis Bailout

The Outstanding Public Debt as of 06 Oct 2008 at 07:50:06 AM GMT is

http://www. brillig. com/debt_clock/


National Debt Graph: Bush Sets 50-Year Record
50-Year Record on Sept. 22.
$10 Trillion on Sept 30, 2008
The gross national debt compared to GDP (how rich we are) reached its lowest level since 1931 as Reagan took office, It skyrocketed for 12 years through Bush I, Clinton reversed it at a peak of 67%, Bush II crossed that line on Sept, 22 and hit 69% on Sept 30, That's the highest it's been since 1955 (53 years ago)

Bush did three things to skyrocket the debt from $5,7 trillion to $10 trillion:
1 - He lowered taxes on the rich (by far the biggest item)
2 - He invaded Iraq instead of winning in Afghan-Pakistan (another $600 B)
3 - He loosened controls on Wall Street

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National debt topped $10 trill this week
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by Frank James
October 2, 2008 11

http://www. swamppolitics. com/news/politics/blog/2008/10/national_...

There were no fireworks so a lot of people probably missed it. We even forgot to mention it here on The Swamp when it happened though we saw the reports.
Anyway, on the last day of September, the national debt hit $10 trillion plus

President Bush signed legislation in July that raised the debt ceiling to $10.615 trillion. Meanwhile, the financial bailout legislation passed by the Senate last night would raise the debt ceiling further to $11.
315 trillion

Here's something else worth knowing. The gross national debt as a percentage of the gross domestic product has, under the Bush Administration, hit a 50-year high.
The following two charts illustrate the trend nicely