On This Date in Bush History 11/19 - BUSH'S 'GIFT' TO OUR KIDS

[BlueButGlad2]

Today's Bush administration outrage, "on this date in history"
Nov 19th ...

On This Date 11/19-Bush's Gift to our Kids

"Tis against some Mens Principle to pay Interest, and seems against others Interest to pay the Principal"
Benjamin Franklin, Poor Richard’s Almanac, 1753

2004: Congress approves the 3rd increase in three years to the debt ceiling today. The debt ceiling is the maximum amount of federal debt that is allowed. Yearly ceiling increases are needed to handle, for now, Bush's huge annual deficits.

The ceiling was actually hit the previous month, but Congress wouldn't pass a new debt limit until after the November elections, to avoid the wrath of responsible voters who wanted a return to responsible budgets. The delay forced the government to play accounting tricks, like borrowing money from retirement accounts, to keep the US running.

With the new, higher ceiling in place and the election over, President Bush resumes his free-spending ways. Citizens can enjoy their tax cuts, at the expense of future generations. Not only will the nation's kids and grandkids have their own bills to pay, they will have our debt as well. Does the unfairness of this keep the president up at night? Not likely.

"I say, the earth belongs to each of these generations during its course, fully and in its own right. The second generation receives it clear of the debts and incumbrances of the first, the third of the second, and so on. For if the first could charge it with a debt, then the earth would belong to the dead and not to the living generation. Then, no generation can contract debts greater than may be paid during the course of its own existence."
Letter from Thomas Jefferson to James Madison, September 6th 1789

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