Don't hurt yourself with those nifty graphics.. First one only shows debt "HELD BY THE PUBLIC". Only about 1/2 the debt today is "held by the public"..
And the Second chart can't discriminate between New Deal spending and WW2 spending so it's virtually useless..
So what was your point????
The debt held by the public is the proper construct. EVERY reputable economist uses it.
Even conservative economists...
The U.S. blends two kinds of debt, and some economists say that makes little sense. Moreover, we don't even have a good way of paying back one of those types of debt. More on that later.
The first type of debt is what the government owes to outside bondholders: individuals, pension funds, other groups and foreign governments. The second type is a sizable amount of intra-governmental debt, or obligations of the Treasury Department to various trust funds — basically what we owe ourselves.
Alex Brill, an economist with the American Enterprise Institute, a conservative research center in Washington, said that counting external and internal debt together didn't make economic sense and blurred the real fiscal situation the U.S. faces.
"Not all of the debt is the same, and it doesn't all matter the same," Brill said.
"What really matters is debt held by the public."
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We can view GDP growth on a yearly basis.
FDR and the New Deal created the LARGEST increase in GDP in American history.
Gross Domestic Product (GDP)
Percent change from preceding period
GDP percent change based on current dollars
1930 -12.0
1931 -16.1
1932 -23.2
1933 -3.9
1934 17.0 <-----FDR's FIRST budget year.
1935 11.1
1936 14.3
1937 9.7
1938 -6.3
1939 7.0
1940 10.0
1941 25.0
1942 27.7
1943 22.7
1944 10.7
1945 1.5 <-----FDR dies.
FDR had his own right wing regressives to contend with, HERE is where that led.
The Recession of 1937–1938 was a temporary reversal of the pre-war 1933 to 1941 economic recovery from the Great Depression in the United States. Economists disagree about the causes of this downturn, but agree that government austerity reversed the recovery.
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