Hi Johnny,
All correct, except one minor point.
When Clinton left office (I'll be happy to discuss politics, Bill was one of the best presidents ever, and a good man personally, save his lying about a personal affair under oath, he should have fessed up), he left BUSH a yearly budget surplus, that is the yearly budget was finally in the black, first time in many years.
However, at that time when Bush arrived, we (the US) had around $5.3 trillion in total accumulated debt if I recall correctly.
NOW HOWEVER, we are at 9.064 TRILLION dollars in total debt!!!
http://www.brillig.com/debt_clock/
GOLD IS KING.