Wow, I hadn't realised US debt has only really been taking off since 2002.
Start of the war on Terror - quite costly as it turns out
Have just developed this notion on the Broad Oak Blog, looking at total debt since 1952.
Richard, anon - it's worth also taking a look at Sackers' charts, and CU's below, going back even further: 2002 was by no means the start of this (- and Clinton by no means a culprit)
over the long term the historians will say "Nixon Shock"......and I dont think they will be wrong.
Richard, these things always look more steep because of inflation. However Obama has presided over a massive dash for debt.Clinton actually ran a surplus for a year or two!As with personal finances, running up a debt is much easier than paying it off :-(
Hadn't seen CUs graphs. That helps put things in a bit more perspective.
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