Wednesday, October 08, 2008

National Debt Clock Cannot Contain All the Debt

National Debt Clock Cannot Contain All the Debt



Thanks Bush! Under your presidency the debt has almost doubled. [You even inherited a budget surplus.]
Posted by David at 1:24 PM

4 comments:

  1. AnonymousOctober 08, 2008 5:52 PM

    Staggering debt figures indeed, but the surplus comment is not accurate, at least not by any reasonable accounting standards. Clinton also increased the national debt every single year in office, and the reported "surplus" was only a government accounting gimmick. The United States has not had a REAL SURPLUS since 1957.
    Read the article below for an explanation:
    http://www.geldpress.com/2008/07/us-budget-reporting-deception/

    ReplyDelete
  2. JamesOctober 08, 2008 8:19 PM

    The surplus under Clinton was measured in terms of debt held by the public, rather than gross debt. It was NOT an accounting gimmick. Here's what the Federal Reserve Bank of San Francisco has to say about the two different ways of measuring the national debt:

    "U.S. Treasury debt held by the public is a more useful measure for analyzing the size of the national debt than gross debt. Gross debt includes debt owed by one federal governmental entity to another federal government entity or trust fund."

    By focusing on the gross debt, rather than debt held by the public, the national debt clock is misleading people.

    ReplyDelete
  3. AnonymousOctober 09, 2008 5:41 AM

    Do you mean the gross debt is held in part by social security trust fund?

    ReplyDelete
  4. AnonymousOctober 13, 2008 9:34 PM

    Bush doubled the debt? C'mon now ... there are many responsible parties - and I would dare say its the Dem's who are at the core.

    ReplyDelete

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