Bush has blown a lot of the money on nonproductive things, like:

TSA (should have been private)
Medicare prescription drug benefit
Iraq war
expanding other entitlements

This type of spending does not produce anything in the economy, it saps the economy, reducing its ability to absorb the spending rather than enhancing it.

Now Bush and congress have so weakened the Dollar that they are seriously jeopardizing its position as the world’s reserve currency. That means that as forein debt holdings expire, they will be renewed in other currencies or exchanged for commodity futures. This will generate a tremendous glut of dollars into the markets and cause a Dollar collapse. That will create a hyperinflationary runup in prices of all goods and services. Bear-Stearns went under (technically) Citigroup is in trouble, bailouts are the talk of the financial markets. The bailouts will be funded by taxpayers and the money will be borrowed from forein sources, that is if any foreign nation is still willing to lend. Get it? Financial institutions made extremely risky loans to people who had none of their own money at risk, and we will be bailing the bankers out, while they still drive their Jags, and live in their gated communities. Great Depression II is headed our way way and the politians are going to screw it all up again with New Deal II.