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> More importantly, in the context of this discussion, every president since Bush's first term has had larger deficits than any previous president, regardless of party.

Taking on long term debt at or below the risk free rate _is the point._ It didn't devalue the currency because the global economy was structured around buying that debt. You just need to not jeopardize that second point.

This glosses over what Bush was handed from the previous guy and then what he left behind for the next guy.