04-06-2007, 06:17 AM | #14 | |
Senior Member
Join Date: Dec 2005
Posts: 5,996
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Quote:
And how did we get to $5.5 trillion? At the end of Carter's presidency, it was at about $890 billion. At the end of Bush I? Approximately $4.5 trillion. Under Clinton, it went up about $1 trillion (still not a small number, but much smaller than the others in comparison). As the debt increases, the amount of taxes we require to service that debt increases. We also now have about 50% of that debt held by foreigners- an unsettling thought that raises many national security concerns. Sure- people can blame Democrats for taxing and spending. But history demonstrates that the biggest spenders (leading to the highest taxing) are Republicans. |
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