In my profession, I have to learn the truth about such things from accurate sources, so I can share the information with my clients to help them better plan to deal with the situation.
Here’s the truth Mr. Wibert: From fiscal year to fiscal year 1992 to 2000 (during the eight-year Clinton administration) our national debt went from $4 trillion to $5.6 trillion (it grew at $547 millon a day). From 2000 to 2008 (during the eight-year Bush administration) it went from $5.6 trillion to $10 trillion (it grew at $1.6 billion a day). From 2008 to now (during the three-year Obama administration) it from $10 trillioin went to $13 trillion (it’s growing at $4.1 billion a day). (To check the accuracy of this information, it can be found at www.treasurydirect.gov/govt/reports/pd/histdebt/histdebt.htm)
National debt is a result of overspending annual budgeted dollars, which are then added to our debt. Surplus is the result of unspent annual budget dollars, but when we have a surplus, it is never put toward the national debt (the U.S. hasn’t paid a dime toward its debt since 1923). Instead, it’s put against the following year’s deficit until the surplus is gone.
The blame for our national debt comes from overspending and, as we can see, every administration since the beginning of the national debt has overspent. If you overspend every single year, how long could you last? Apparently, the people who run our country have never asked that question. Instead, they point the finger at previous administrations as if to say “they overspent, so why should I not overspend, too?” Ignorance of the situation by our citizens and that kind of thinking is going to bankrupt this country fast. If you want to become truly informed, stop listening to sound bites and learn the truth.
— Alishia Terrill, Grand Haven