Figures released this week by the Bush administration places this year's federal US budget deficit at a record $482 billion! White House staff tried to spin the grim budget news as "fallout from the economic stimulus package approved by a bipartisan congressional majority in February"
. Clearly, Bush's $600-per-taxpayer rebate didn't help the economy, in fact, it merely added to the American national debt by costing the Treasury $168 billion, But that amount is minor when compared to the cost of the invasion and ongoing occupation of of Iraq. I can't even find figures that estimate the cost of the Iraq war but be assured that it is hundreds of billions of dollars. Add to these expenditures, the fact that Bush continued to cut business taxes.
The $482 Billion projected deficit figure actually understates the size of the shortfall because it doesn't include a further increase of $80 billion in war costs - the cost of the so called 'Surge'.
The recent mortgage crisis has not helped the overall American economy.
Canadians are also watching the Harper government run a fiscal deficit
... spending more than they are taking in.
The next time someone of Right Wing persuasion tells you that they are a 'Fiscal Conservative' .... laugh in their face! Mock them! Point out to them that when Republicans in the US or Conservatives in Canada get their chubby grubby hands on the public purse, deficits are sure to follow!