Thursday, September 07, 2006
Rep. Jim Cooper: Bush is Hiding the True National Debt. It's Worse than You've Heard. Much Worse. | BuzzFlash
We are so screwed.
But not as screwed as the bastards who did this.
Rep. Jim Cooper: Bush is Hiding the True National Debt. It's Worse than You've Heard. Much Worse. | BuzzFlash:
Though the Bush Administration's official budget lists the national debt and deficit as being incredibly high, they are actually far worse than reported, according to Rep. Jim Cooper (D-TN). But don’t just take his word for it, even if Cooper is a Rhodes Scholar and Harvard Law graduate. The following figures appear in the official U.S. Financial Report, released by the Treasury Department:
* The true 2005 deficit was $760 billion, not the $318.5 billion Bush reported
o This is 6.2% of the GDP, not 2.6%
o That's $156,000 for every citizen, or $375,000 for every working American
* The true national debt is $49 trillion, not the $8.3 trillion Bush reported
o This figure has more than doubled in the past five years
o We paid $327 billion last year on interest alone
* It's all getting worse"