Dubya had this to say yesterday upon signing the onerous bankruptcy bill:
"If someone does not pay his or her debts, the rest of society ends up paying them."
Four years ago, I would have been annoyed at the media-enabled "compassionate" label that allows W to so enthusiastically screw the families that wind up in economic trouble due to job losses and medical bills. Now I'm simply astounded at the level of cognitive dissonance needed to mindlessly parrot the words of fiscal responsibility (once known as fiscal conservatism, but no longer) while simultaneously running up over TWO TRILLION DOLLARS (that's $2,000,000,000,000.00) in additional public debt.
If the amount of $2 trillion seems familiar, it's because Bush made a promise in his 27 February 2001 address to a joint session of Congress:
Many of you have talked about the need to pay down our national debt. I listened, and I agree. We owe it to our children and grandchildren to act now, and I hope you will join me to pay down $2 trillion in debt during the next 10 years. At the end of those 10 years, we will have paid down all the debt that is available to retire. That is more debt, repaid more quickly than has ever been repaid by any nation at any time in history.
The contrast between his words and his actions has been startling. Instead of paying down any of the debt, Bush has squandered our economic strength on military adventurism and tax cuts for the wealthy. Bush's legacy has been the exact opposite of his promise: his administration has run up more debt more quickly than any nation at any time in history.
Who is going to foot the bill for W’s profligacy? Certainly not his multi-millionaire donor base, who will escape (as always) with income tax cuts, capital gains tax cuts, dividend tax cuts, and the elimination of the estate tax (and, for the last time, it's NOT a "death" tax).
No, the rest of us will be stuck with the tab. It works out to $26,295.29 per person, which my tax cut certainly did not cover…and neither did yours. (If you want to check the math, the total debt of $7,781,536,376,170.65 is divided by 295,928,957 people in the United States.)