The USA had a public debt of just $75 Million in 1791 and for more than a century afterwards the total public debt averaged just 2.5% of U.S. economic production (GDP). Today’s Government Debt is estimated to be $22 Trillion at roughly 107% the size of our annual GDP.
Historically, during economic downturns, our political leaders have promoted above-trend deficit spending to get reelected and allegedly to boost the economy. After decades of profligate spending since abandoning the Gold-backed dollar, the fear of a debt crisis has grown with each recession.
You can access the entire article from Financial Sense: … … HERE
