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July 31, 2004
That's a rising path alright
CLEVELAND (Reuters) - Despite a record budget deficit and slower-than-expected economic growth, President Bush on Saturday insisted that the nation's economic prospects were improving as he campaigned in battleground states hit hard by job losses."Our economy is on a rising path," Bush said in his weekly radio address, a day after the Commerce Department reported that the economy expanded 3 percent during the second quarter, weaker than economists expected.
The budget deficit also will likely hit another record this year, $445 billion, the White House forecast Friday....
For the record, here is the accumulated national debt:
07/29/2004 $7,308,426,855,798.06
09/30/2003 $6,783,231,062,743.62
09/30/2002 $6,228,235,965,597.16
09/28/2001 $5,807,463,412,200.06
09/29/2000 $5,674,178,209,886.86
09/30/1999 $5,656,270,901,615.43
09/30/1998 $5,526,193,008,897.62
09/30/1997 $5,413,146,011,397.34
09/30/1996 $5,224,810,939,135.73
At this pace, were headed for $9 or $10 trillion by 2008. Sounds like a slogan!
If this helps, I was watching Suze Orman and she said if you owe more than you make, some would say you're already bankrupt. Well, the GDP - or national income - was $9.3 trillion in 2003. Looks like we're on track!
Posted by Mike at July 31, 2004 08:38 PM
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