I don’t think anyone would say this administration has spent wisely but I don’t think it is any big surprise that we have borrowed a lot of money over the last five years.

This is not an excuse but just consideration points:

1- The economy was on a down swing (dot-bomb)
2- Outsourcing was on an up swing (causing massive unemployment followed by a “jobless” recovery)
3- Our financial core was attacked (9/11 – among other things it caused many spending plans to be put on hold)
4- We have been at war (shovels money into fire)

Should we (administration, congress, etc.) have been spending more carefully? Yes. Will this be a black eye on this administration when future generations read about it in history books? Yes.
Is it a surprise? No.

Will we recover form it? I’m not sure how (I doubt anyone would like my suggestions), but I don’t think we have choice.