U.S. Debt Burden
National Debt-to-Income (GDP) Ratio 1791-2010
We see big peaks in US debt associated with the Civil War, WW I, the Depression, and WW II. And a big peak coinciding with Reaganomics (Increase Military Spending While Reducing Taxes) 1981 to 1993.
And the most "serious reduction of the deficit" in recent history occurred from 1945 to 1980. That good work came during the terms of Truman, Eisenhower, Kennedy, Johnson, Nixon, Ford, and Carter.
Reagan's amazing achievement was to increase the national debt as much as during the Civil War with only the invasion of Grenada to help him along.
Clinton (and the Republican Congress) managed to stem the red ink, but that effort ended with the election of George Bush II.
So what caused us to pile up 16 trillion dollars in debt? Reaganomics, Bush tax cuts, and two unfunded wars.
Facts are stubborn things.
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