The Truth In Graph Form – Bush Saddled Us With Massive Debts
The Republicans and their media enablers continuously spread misinformation about the deficit and debt. For anyone who is unclear, the definitions are below.
The Federal Deficit – The deficit is the difference between the money federal government takes in, called receipts, and what it spends, called outlays, each year.
The National Debt – The amount of the Treasury securities issued to the public and to the government trust funds is considered that year’s deficit and becomes part of the larger, ongoing national debt.
An incoming president, no matter who it is, inherits the previous president(s) deficits and debts. It’s a nice welcoming gift for the person “lucky” enough to win the election. The following chart breaks down what the national debt consists of and projects it into the future. It’s been around for a while, but never gets old as far as spelling out the truth in graph form. Courtesy of Steve Benen, now of The Maddow Blog.
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