I think the problem is that we miss what the cause of debt is.
The cause of debt is trade imbalance.
the last time we had a real, honest to God surplus, not the smoke and mirrors surplus of Clinton/Gingrich using Social Security to cover General Funds Debt, was in 1969.
Was it because we were keeping spending under control? NOPE! We were fighting an expensive war in Vietnam, were were initiating huge new social programs, and we were sending rockets to the moon. But we were keeping our debt pretty much in line. True, the top marginal rate was 70% after JFK cut it in the early 1960's, but the top effective rate was closer to 43%.
What kept us fat and happy was in the years after WWII, we had an untouched economy while the industrial infrastructures of the rest of the world were in ruins and the great colonial empires were collapsing. So not suprisingly, we were running trade surpluses all the way up until 1976.
In 1976, the National Debt from 200 years of history, two world wars, space program, interstate highway system, welfare society was all of 600 billion. (Half of what Barry is running up in any given year.) But by 1980, it had hit a trillion. The money flow was reversing.
By 1988, it was at 3 trillion when Reagan left. Then the Savings and Loan debacle hit. It sprung up to 5trillion.
Yeah, Clinton gave us the aformentioned Smoke and Mirrors, but it was still up to 6 trillion by the time he left. Another war, two more recessions, and some tax cuts, Bush-43 got it up to 10 Trillion. Then along comes Barry and we are up to 16 trillion.
(And seriously, the Republicans need to be talking about this, not freaking Birth Control Pills. WTF is the matter with you people?)
Trade is the real problem, and our loss of manufacturing and the good paying jobs that go with them. We are bleeding 500 billion a year, every year, for the last two decades.
OMG...you guys aren't even trying anymore.
