Liberalism: Do You Agree We've Had Enough of It? Message Board

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Politics : Liberalism: Do You Agree We've Had Enough of It?

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To: Kenneth E. Phillipps who wrote (96509)	12/8/2010 1:51:34 PM
From: tonto	1 Recommendation Read Replies (1) of 224749

"Used to be that the National Debt only went up to pay for wars. After World War I, the federal debt stood at 35% of GDP. But then came the Great Depression, and President Roosevelt decided to spend his way out of trouble. Government debt, including federal and state and local debt rose to 45% of GDP. But it was World War II that really entered new territory. After the end of the war in 1946 government debt stood at 121.2% of GDP. For the next 35 years successive governments brought down the debt, but then came President Reagan. He increased the debt up over 50% of GDP to win the Cold War. President Bush increased the debt to fight a war on terror and bail out the banks. President Obama is increasing it to fund anything that needs a cool trillion or so."

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