Great review of the history of government debt:
http://www.pbs.org/newshour/bb/business/july-dec12/makingsense_11-27.html
OK.....nothing new here. But I think it's a great accomplishment to go all the way back to the (REAL) Tea Party and see how going into debt is nothing new.
Interesting thoughts:
- North won the Civil War partly because they did a better job of raising money (though bonds)
- The most frequent reason for massive debt has been WAR.
- The second big reason is buying our way out of a crisis (like the Great Depression)
- Every president has played a role in getting us to where we are today. Good ol' Ronald Reagan deserves at LEAST as much credit/blame as Barack Obama.
- Solutions will be painful. Need to raise revenue (taxes) and/or cut spending (but how?)
I learned a lot in 9 minutes.
Oh....in case you didn't notice.....this was on PBS. I don't think I'm the only one who gets quite an education for less than $1.50 a year of my federal tax bill. ;o)
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