Monday, February 13, 2012

National Debt

Back in the old days, the only time the nation would rack up debt was when they were at war and then they’d pay it down...All that changed not long after the last vestiges of a gold standard were abandoned in the 1970s and it’s been a three-decade long climb up debt mountain ever since. Moreover, since the graphic above includes only public debt, the picture is significantly worse when including intergovernmental liabilities such as social security.

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