The problem is, is that the way Bush has done it over the last eight years is to take out a credit card from the Bank of China in the name of our children, driving up our national debt from $5 trillion for the first 42 presidents — #43 added $4 trillion by his lonesome, so that we now have over $9 trillion of debt that we are going to have to pay back — $30,000 for every man, woman and child. That’s irresponsible. It’s unpatriotic. — 2008

My Take – As of today, we have over 16 trillion dollars in government debt.  If the first 42 presidents ran up 5 trillion, and Bush the Younger added another 4, which is horrendous, then where oh where did the other 7 trillion dollars come from?  According to Wikipedia, 32% of the total debt is held by foreign central banks, including China, Japan, the UK, Switzerland, and Russia.  That’s not a new phenomenon, but it’s a growing one.

Where did it go?

• UAW/GM/Chrysler bailout
• Solyndra and other ‘green energy’ snake oil projects
• Lavish lifestyles of the rich and elected
• Cash for Clunkers
• Stimulus packages of one stripe or another

And what has all of this debt brought us?  Well, the UAW made out like a bandit while wiping out the careers and retirements of thousands of non-union workers.  Solyndra and its ilk did OK for a little while until the basic laws of business and economics caught up with them.  Mrs. Obama certainly has a…. distinctive set of dresses to boast about, and how many families can say they went to castles in Spain and on African safaris at no cost to them?  The cost of a good used car is through the roof because a lot of the good used cars got turned into scrap to give the UAW another boost.  And billions upon billions have gone down the rat hole of “shovel ready projects”, complete with signs paid for with borrowed money to trumpet how much pork was coming home.

Better people than me have said it, but comparing this administration’s spending to that of a drunken sailor is an insult to the drunken sailor, since he at least stops spending when he’s out of money.