In January 2001, when George Bush became president, it stood at approximately $5.7 trillion.
By November 2007, it had increased by 45%, the U.S. Treasury announcing that the national debt had breached $9 trillion for the first time.
This huge debt can be largely explained by our defense expenditures. Plus, America’s tastes for foreign goods, including imported oil, vastly exceed our ability to pay for them.
And we are financing them through massive borrowing.
[Excerpt of an article by Chalmers Johnson, Le Monde]