Mr. Bush, Americans Will Be Forever In Your Debt.
By no conventional standards whatsoever can be Mr. Bush be considered to be a conventional "conservative". He has failed to veto even one single spending bill in his five years in office. He has consistently favored increased Federal Budget spending and increased deficits, unlike the past Administration of Democrat, Bill Clinton which actually balanced the Federal Budget.
And it took 42 American presidents a total of 242 years to build up a foreign held debt of $1.01 trillion dollars. In just five years, Mr. Bush has achieved a foreign held bond debt of $1.09 trillion. In auctions of Federal bonds, nearly half are now sold to foreign nations including the state run Central Bank of China. Total Chinese bonds held in the U.S. now total $248 billion. Japan holds $682 billion. The U.K holds $187 billion. A number of other states hold billions more including South Korea.
Under Bush, the debt limit has risen by $3 billion in just five years. And because foreign bond holdings are so strong, some provisions specifically benefitting both the Chinese and Japanese import trade deficit are included in what is supposed to be a Federal Budget Deficit Reduction" bill. There are specific provisions that gut "antidumping laws" that allow China and Japan to dump goods at less that fair prices to specifically target and destroy American industries so that these foreign powers can take over these markets. Other provisions strip away Federal assistance or support to American industry and workers victimized by "predatory trade practices", mainly from China, Japan or South Korea.
In a memo from the White House to the Republican leadership in Congress, it is claimed that the "deficit reduction" bill is needed to make cuts in social spending for the poor so that more tax cuts for the wealthy can be offered. The "Deficit Reduction" bill proposes $40 in cuts to Medicaid health care for the poor, cuts in heating assistance, cuts in food stamps, cuts in child support enforcement, which means that an estimated $2.9 billion in child support payments may go uncollected. In past years, some like millionaire basketball player, Larry Bird, was said to have owed unpaid child support payments, and without proper enforcement, many children will go without this vital financial support. But while the proposed "Deficit Reduction" bill claims that $40 billion is social cuts from vital health care, food or heat assistance are needed, the same bill actually offers $70 billion in tax cuts to mostly the wealthy. This is is one "Deficit Reduction"bill that actually increases the Federal Budget deficit, not reduces it. And the provisions to strip American industry and workers of vital trade protections, will only serve to benefit nations such as china or Japan who own extensive bonds in the Federal government.
Just like the old Johnny Cash song, "One Piece At A Time", America is being sold to foreign interests bit by bit as foreign interests purchase record dollar amounts of U.S. bonds to keep the American government solvent and from going bankrupt. Only in days of the 1776 Revolutionary War did America owe so much of it's debt to foreign interests, but that was before a U.S. government or tax system even existed. Mr. Bush has the American citizens in the worst debt problems of nearly any nation in the world which has a government or a tax collection system.
With record Federal Budget spending by Bush including the Iraq War, record trade deficits, and record national debt that is growing to over $11 trillion by time Bush leaves office, it is very honest to say: "Mr. Bush, we'll be forever be in your "debt".