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Bush's Unsung Legacy: A Smaller National Debt

by gobacktotexas 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.  

Poll
Will Bush reduce the national debt below 6 trillion euros before leaving office?
. Yes 86%
. No 6%
. Unsure 6%

Votes: 15
Results | Other Polls
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My first diary on Eurotrib...a pleasure to be here.
by gobacktotexas (dickcheneyfanclub@gmail.com) on Thu Nov 15th, 2007 at 12:38:48 PM EST
Unfortunately for them, the US public transacts in Dollars, not Euros....

"The future is already here -- it's just not very evenly distributed" William Gibson
by ChrisCook (cojockathotmaildotcom) on Thu Nov 15th, 2007 at 01:42:59 PM EST
Well, fortunately for the American people, the President has reduced the national debt over seven years by 620 billion euros, which in dollar terms is 918 billion dollars at present exchange rates.  Future generations will have George Bush to thank for that extra money in their pockets.  
by gobacktotexas (dickcheneyfanclub@gmail.com) on Thu Nov 15th, 2007 at 06:50:04 PM EST
[ Parent ]
I can hardly wait for my grandson to take advantage of the Bush legacy.

I can swear there ain't no heaven but I pray there ain't no hell. _ Blood Sweat & Tears
by Gringo (stargazing camel at aoldotcom) on Thu Nov 15th, 2007 at 10:00:18 PM EST
[ Parent ]
He'll love it.  I tell you, having that extra $7 in my pocket -- no, I'm not kidding -- from the 2001 cuts, I'm home free, financially.

Be nice to America. Or we'll bring democracy to your country.
by Drew J Jones (pedobear@pennstatefootball.com) on Fri Nov 16th, 2007 at 11:08:00 AM EST
[ Parent ]
the tax cuts are the gift that keeps on giving.    
by gobacktotexas (dickcheneyfanclub@gmail.com) on Fri Nov 16th, 2007 at 02:58:09 PM EST
[ Parent ]
Welcome to European Tribune, gobacktotexas! And thanks for the diary!

However the title should be: A smaller national debt (expressed in Euros)!

"Dieu se rit des hommes qui se plaignent des conséquences alors qu'ils en chérissent les causes" Jacques-Bénigne Bossuet

by Melanchthon on Thu Nov 15th, 2007 at 07:33:35 PM EST
If Bush had another 8 years, the dollar would be worth so little that the EU could simply buy the US. But maybe we could leave that to the Chinese.

"If you know your enemies and know yourself, you will not be imperiled in a hundred battles." Sun Tzu
by Turambar (sersguenda at hotmail com) on Fri Nov 16th, 2007 at 04:16:52 AM EST
You may have a point here, but like George Bush, I am an optimist, and I believe we should emphasize the positive side of things.   Another positive is that jobs in Mexico and Canada will look much more attractive to Americans.    
by gobacktotexas (dickcheneyfanclub@gmail.com) on Fri Nov 16th, 2007 at 07:47:13 AM EST
[ Parent ]


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