I wrote a blog post last week (a good one, too, if I do say so myself!) about the cost of war and George Bush's role in destroying our economy. Tom Raum from the AP has added today that the national debt is now expanding by about $1.4 billion a day:
Even if you've escaped the recent housing and credit crunches and are coping with rising fuel prices, you may still be headed for economic misery, along with the rest of the country. That's because the government is fast straining resources needed to meet interest payments on the national debt, which stands at a mind-numbing $9.13 trillion.And like homeowners who took out adjustable-rate mortgages, the government faces the prospect of seeing this debt -- now at relatively low interest rates -- rolling over to higher rates, multiplying the financial pain.
Economists are estimating that by the time that President Bush leaves office in 13 months, Bush's handling of the treasury will have resulted in almost a complete doubling of the national debt.
Although George Bush borrowed the money (or robbed the Social Security accounts), all the rest of us will be held accountable for paying it back and replacing it.
Other than his robbing of Social Secruity, who has been loaning all this other money to George Bush?
Ordinary investors who buy Treasury bills, notes and U.S. savings bonds, for starters. Also it's banks, pension funds, mutual fund companies and state, local and - increasingly foreign governments - such as China, Saudi Arabia and Japan. This accounts for about $5.1 trillion of the total and is called the "publicly held" debt.
The remaining $4 trillion is owed to other government accounts, such as Social Security. In other words, the money that we have been paying into Social Security for our retirement should have stayed in the Social Security account.
Remember Al Gore and how he talked about wanting to keep presidents from robbing Social Security by putting the Social Security funds in a lockbox?
That was seven full years ago that Al Gore emphasized the importance of a Social Security lockbox. It was a great idea and in fact the right thing to do. Al Gore knew it would be necessary and that's why the majority of Americans voted for Al Gore. Unfortunately for all of us, when the Supreme Court's picked George Bush by deciding the Florida votes did not need to be counted - we lost protection of our Social Security funds. Since then, they've been cleaned out.
George Bush has stolen our Social Security funds. He has cleaned us out and spent our retirement money on the occupation of Iraq. It's more than tragic. There should be prison term for harming so many good Americans and their futures.
What do you think we wanted? An occupation or Iraq or a secure retirement? How dare he take our retirement money and spend it on his private game of Monopoly! That's where most of the money went
What about the foreign countries that lending money to us now?
Foreign governments and foreign investors now hold some $2.23 trillion -- or about 44 percent -- of all publicly held U.S. debt. That's up 9.5 percent from a year earlier. That means that almost half of our national debt is owed to foreign countries. This has enormous impact on our foreign relations, the value of our dollar and the imbalance of our "free" trade.
Japan is our largest note holder, with $586 billion. China is the second largest loan that we have. We owe the government of China over $400 billion. Britain is third, holding us accountable for the $244 billion that we have borrowed from Great Britain. We owe Saudi Arabia and other oil-exporting countries over $123 billion, according to the U.S. Treasury.
Is this a problem?
First of all, our high debt accumulation is the primary reason why our U.S. dollar has been losing value on the world market. Does it matter that our dollar is losing value every day?
As the U.S. dollar plummets in value, the cost of gasoline skyrockets due to the inverse relationship. OPEC uses the dollar in it valuations of the barrels of oil, so - if the dollar is worth less, it costs more dollars to buy a barrel of oil.
As a direct result of the rising cost of oil and gasoline, everything else costs more too - including food, manufactured items, heating fuel, home utilities, and all other expenses such as tuition, clothes, and healthcare.
As all living expenses escalate, it becomes harder and harder for Americans to pay their mortgages, thus causing a record number of defaults and foreclosures. Up to 4 million Americans are expected to have lost the roofs over their heads in the final two years of George Bush's presidency.
The vast majority of Americans have worked hard and played by the rules. When we reach retirement, where will our Social Security money be - you know the Social Security money that Bush stole to pay for his occupation of Iraq?
What if China and Saudi Arabia decide to call in their loans? Then what?
George Bush has ruined us and made our future tenuous and difficult. Because of his grave and reckless theft of our treasury, the next twenty to thirty years will be unbelievably hard for each of us as individuals - and for our country as a whole.
It's unfathomable to me why George Bush is even still allowed to sleep in the White House.













