The Deficit According to Greenspan

I see the New York Times heard about the same thing from Fed Alan Greenspan's testimony about the economy and deficits I did: that contrary to Mr. Bush's predictions (and contrary to anyone not failing Economy 101), massive spending combined with drastically reduced tax revenue will not ease the debt burden.

While this thinking is no doubt how so many of Mr. Bush's businesses went belly-up, it sure doesn't bode well for us. I've read conflicting info recently that while our debt load, per household, was about $500 each when Mr. Bush took office, each household may now carry an apportioned $86,500 up to hundreds of thousands, of the overall national debt today. I've never owed $86,500 in my life, outside of my mortgage. Egads.