Please read The Power to Destroy, How the Antitax Movement Hijacked America, by Michael J. Graetz, Princeton University Press, 2024, for an excellent historical discussion of how tax reductions (initiated by Republicans) without expenditure reductions have contributed to our federal deficit issue.
The first graphic in this article is visually interesting graphic that fails to tell the important story. It misses the point in two important ways.
1. It is not surprising that the presidents in office over the last 25 years are responsible for the current national debt. For example, the massive debts incurred during World War 2 and the Korean and Vietnam wars have all been retired; the bonds and treasury notes have been repaid.
2. It fails to break down the debt incurred by the last four presidents. Our national debt needs to be reduced. We need to know how the money was spent to understand how to prevent spending from getting out of hand. We cannot just blame the current Presidents, Senators, and Representatives. That is the easy road.
Re: current national debt
Please read The Power to Destroy, How the Antitax Movement Hijacked America, by Michael J. Graetz, Princeton University Press, 2024, for an excellent historical discussion of how tax reductions (initiated by Republicans) without expenditure reductions have contributed to our federal deficit issue.
The first graphic in this article is visually interesting graphic that fails to tell the important story. It misses the point in two important ways.
1. It is not surprising that the presidents in office over the last 25 years are responsible for the current national debt. For example, the massive debts incurred during World War 2 and the Korean and Vietnam wars have all been retired; the bonds and treasury notes have been repaid.
2. It fails to break down the debt incurred by the last four presidents. Our national debt needs to be reduced. We need to know how the money was spent to understand how to prevent spending from getting out of hand. We cannot just blame the current Presidents, Senators, and Representatives. That is the easy road.
Does this chart take inflation into account (I don't think it does)? If not, then it tells a completely different story.
Just another week of Bruce dropping knowledge bombs making the world a little bit smarter.
I look forward to this newsletter every week. Injustice great.