TW: I have been harping on our debt as a primary cause of our current crisis. This chart from the Economist highlights my point. One can see the debt spike during the Great Depression (am still hoping that name retains its exclusivity) and WWII. Then a period of steady debt ratios then boom, Reagan Revolution. The ideology of cut taxes regardless of consequences began. One sees another inflection point after the relative steadiness of the Clinton years, when we combined reckless tax cuts with reckless warmaking.
Friday, September 26, 2008
A Nation In Debt Is a Nation At Risk
TW: I have been harping on our debt as a primary cause of our current crisis. This chart from the Economist highlights my point. One can see the debt spike during the Great Depression (am still hoping that name retains its exclusivity) and WWII. Then a period of steady debt ratios then boom, Reagan Revolution. The ideology of cut taxes regardless of consequences began. One sees another inflection point after the relative steadiness of the Clinton years, when we combined reckless tax cuts with reckless warmaking.
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