Community Blogger: K. RealTo Raise The Debt Ceiling Or Not To Raise The Debt Ceiling. That Is the Question.
Just wanted to give my perspective on this mess our nation is facing. I call it a mess because as with President Obama I too believe that this is a crisis, a crisis of mans own making. Man being the Republican Party under President George W. Bush and the Democratic Party under President Obama.
Ah, but there is a major difference between the two. President Bush took a 4 trillion dollar surplus as stated by some, or a 480 billion dollar surplus depending on whom you believe, left to him by President Bill Clinton.
With that surplus, he spent it on wars, two of them, veterans’ programs, medical prescription programs, unprecedented tax cuts for the wealthiest Americans, the middle class, low income and poor Americans, tax breaks and subsidies for Big-Oil Companies, and Major Corporations etc…
The problem: although it appeared all of America benefited from this unprecedented spending, the fact is that George W. Bush left the Nation 8.5 trillion dollars in national debt and 8.5 billion dollars in annual budget deficit shortfall for year 2008. The Nation’s economy was on the verge of collapse and the free world economy too was on the verge of collapse all due to President Bush’s unprecedented spending and deregulation of Wall Street, the Mortgage Industry, and the Banking Industry.
In steps, President Obama and the Democratic Party with a Nation in recession and headed toward depression. The President called for 970 billion dollars in stimulus money “to save the country” and the free world. The Republicans blocked 190 billion of that request allowing only 780 billion dollars that the President requested to be approved. In spite of Republicans “Just Say No" game plan the President’s plan worked and the Nation did not go into another depression.
