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By Undustrial (registered) - website | Posted April 28, 2011 at 14:26:49
One need only look south for a truly grim picture. And what's ugliest is how it tends to be used politically. The national debt, other than a small jump at WWII, remained relatively constant for decades, until the Reagan years. After 1980, it begins to skyrocket, continuing under both Bush presidencies as well as Obama, but with a bit of a drop during the Clinton years. What's so interesting is that Reagan was also the one who declared war on government spending claiming that it was "out of control", a process which has been repeated many times since.
http://en.wikipedia.org/wiki/File:USDebt...
The fact that so many conservative politicians, here as well, tend to grow the debt at such rates really says something. It's true in the US, it's true here, and it's true in most of the developing world. Health care and public spending don't drain public funds anywhere near as fast as military spending and tax cuts. It's a kind of delayed shift in funding - run up a big bill then come back crying the next year that social service spending is "out of control". Every time it's done, though, it eats up a slightly bigger chunk of our overall costs.
Debt is a virtual public resource, but it's still limited by real-world factors. It can exist only as long as we can pay it.
"Today, the notion of progress in a single line without goal or limit seems perhaps the most parochial notion of a very parochial century." — Lewis Mumford
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