Bush Amasses Record $490 Billion Deficit

The future president of the U.S. will inherit the worst budget deficit ever recorded, a negative balance of $490 billion, $83 billion more than the forecasted $407 billion deficit for this current year, according to Bloomberg.com. President Bush's legacy will be a nation in the red - and an economy on the brink of a permanent unrepairable fiscal disaster.

Generating fiscal revenues have not been on the agenda of the current administration. The trade deficit hit a staggering record of $268.7 billion throughout the first nine months of this year, while foreign debt held among Japan, China and the U.K. totaled $1,347.7 billion as of May 2008.

America cannot continue to fund its budget by printing massive amounts of paper money with the expectation that foreign nations will purchase inflated U.S. Treasury securities. This process will completely erode the value of the dollar causing our debtors to lose interest in U.S. debt holdings.

It will be impossible to repay our national debt unless serious changes are made to keep spending in check and the nation's best companies producing and owned domestically. This record debt is being handed off to our children and future generations to repay.

Source Bloomberg.com:

Click here to contact your Representative in Congress.

Spread this message with Digg, Del.icio.us, Reddit, or Stumbleupon, and subscribe to the RSS Feed to track articles