The Real Dysfunction: A $17 Trillion National Debt | Cato @ Liberty.
We’ve become so used to these unfathomable levels of deficits and debt—and to the once-rare concept of trillions of dollars—that we forget how new all this debt is. In 1981, after 190 years of federal spending, the national debt was “only” $1 trillion. Now, just 33 years later, it’s headed past $17 trillion. Traditionally, the national debt as a percentage of GDP rose during major wars and the Great Depression. But there’s been no major war or depression in the past 33 years; we’ve just run up $16 trillion more in spending than the country was willing to pay for. That’s why our debt as a percentage of GDP is now higher than at any point except World War II. Here’s a graphic representation of the real dysfunction in Washington:
Looking at the above graph makes it even harder to stomach whining editorials like the Daily Camera’s Erika Stutzman: A small view of a big shutdown
