Thu Nov 15th, 2007 at 12:19:32 PM EST
One of the lesser known facts about the Bush administration is that at least by one measure, it has shrunk the national debt considerably from where it was at the end of the Clinton administration.
In 2000, the final year in office of the Clinton administration, the national debt was 5.7 trillion dollars. However, given that the Euro has increasingly become the currency of choice in international markets and elsewhere, we can get a more accurate look at the picture in Euros. So, with a 2000 exchange rate of 1.19 euros to the dollar, the national debt in 2000 was actually 6.78 trillion euros.
Looking at today's national debt through a similar lense, we can see that while it is nominally 9 trillion dollars, adjusting for the current exchange rate of 1.46 dollars to the Euro, it is actually only 6.16 trillion euros.
So during just seven years in office, George W. Bush has manage to whittle down the national debt from 6.78 trillion euros to just 6.16 trillion euros. Call it the Bush economic miracle or what you will. It is the unsung Bush legacy.