Where did surplus go?
Where did the surpluses go? When President Bush took office it was projected that in 10 years with the budget surpluses, there would be enough to pay off the entire debt. Instead by 2011 we had a massive federal debt. How did those surpluses turn into deficits?
The short answer is the following: Bush tax cuts, two wars and prescription coverage without a corresponding reduction in spending increased the debt by $4 trillion. Add the damage done by the worst recession since the Great Depression ($3.3 trillion). Seems most of the debt came from President Bush's economic policies.
Ronald C Marshall