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- 19 Oct 14
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- 156032
When Reagan came to power in 1981 the US National Debt was $964,531,000 (a little under $1 trillion).
This sum meant that in the previous 198 years since America's independence the US had added roughly $4,871,000 a year to its National Debt. Debt that had been accumulated as America fought WWI & WWII, the Vietnam War and the numerous other social programs (The Great Society etc.) that the US government promoted.
By the time Reagan left office on 1988 the US National Debt was $2,684,392,000 (a little over $2.5 trillion).
The point?
If Reagan had only increased the US National Debt at the same rate as all of his predecessors (Democrat and Republican) then it would have taken 551 years - or until 2532 - to reach the level it had by 1988!
If we carry this further and consider that the US National Debt currently stands at $36,211,469,000 (over $36 trillion) it would have taken 7,434 years - or until the year 9415 - to reach this sum if governments had only added debt at the same rate as their predecessors had between 1783 and 1981!!!!
Tax cuts for corporations and the wealthy, unprecedented spending on the military and bailouts for banks and other financiers (what is called 'politics' whoever you vote for!) are the primary reason for these staggering increases have led us to the brink of an inflationary abyss!
Data from: https://fred.stlouisfed.org/series/GFDEBTN
@beardmusic saidOne small error, well, 2, We WISH the ND was 964,531,000 dollars, 964 MILLION dollars and 2,684.392,000 dollars. 2.6 billion dollars. If only that were true.
When Reagan came to power in 1981 the US National Debt was $964,531,000 (a little under $1 trillion).
This sum meant that in the previous 198 years since America's independence the US had added roughly $4,871,000 a year to its National Debt. Debt that had been accumulated as America fought WWI & WWII, the Vietnam War and the numerous other social programs (The Great Soc ...[text shortened]... d us to the brink of an inflationary abyss!
Data from: https://fred.stlouisfed.org/series/GFDEBTN
@beardmusic saidSomeday the bill will come due. Of course, the money will never be paid back--after all, Americans owe it to themselves, not to some foreign power or banker. What will eventually happen is that banks and foreign powers will devalue America's credit rating (meaning decrease the federal govt.'s ability to continue borrowing), then two things happen: the dollar plummets in value compared to other currencies, and foreign countries demand payment in U.S. goods/services not in U.S. dollars.
When Reagan came to power in 1981 the US National Debt was $964,531,000 (a little under $1 trillion).
This sum meant that in the previous 198 years since America's independence the US had added roughly $4,871,000 a year to its National Debt. Debt that had been accumulated as America fought WWI & WWII, the Vietnam War and the numerous other social programs (The Great Soc ...[text shortened]... d us to the brink of an inflationary abyss!
Data from: https://fred.stlouisfed.org/series/GFDEBTN