• War and pieces of eight.

    From BOB KLAHN@1:123/140 to ALL on Thu Apr 24 20:58:46 2014

    Before the civil war the national debt was quite low, the war
    drove it up. Before WWI the debt fell from the Civil War high to
    2.5% of GDP. That in the range where it could have been paid off
    easily. Before the Great Depression the national debt had fallen
    to 16% of GDP. By the beginning of WWII it had gone up to 50% of
    GDP, and during the war went up to 122% of GDP.

    Through all that the wars drove the dept up, and after the war
    the debt went down. After WWII the dollar amount of the debt
    went up, but the debt to GDP ratio went down. From Reagan on
    three tax hating republican presidents ran the debt up from 33%
    of GDP to 85%. That inspite of Clinton knocking 9 points off
    that increase.

    Obama inherited a debt of $11.7 Trillion, and 85% of GDP
    (Aprox). On top of that he inherited an economic disaster that
    turned out to be a depression. A depression is pretty much
    guaranteed to run up the debt, Yet Obama has held it down to
    just over 100% of GDP, while reducing the deficit faster than
    any president in decades, and recovering the jobs lost in the
    original fall.

    The problem now is, the republicans are blocking any attempt to
    pull the economy out of it's hole. Might be winning politics,
    but it's a loser for the country, a loser for the American

    Now we have military challenges all over the world, and no money
    to fight a war. It was bad enough to fight in Iraq and
    Afghanistan, but if we have to take on Russia, in a purely
    conventional war, the cost will be horrendous.

    I've never been a conspiracy theorist, but damn, you gotta
    wonder. If you wanted to bankrupt America, if you wanted to
    break this country, can you think of a better way to do it than
    running up our debt to the point where any major military
    action is likely to bankrupt us?

    Not just bankrupt us, but leaving our national wealth committed
    to paying off debts that go to making companies like Goldman
    Sachs richer, the .1% richer, and even those who "contest" with
    us richer.

    How much harder is it getting to be confident that this isn't a
    conspiracy to destroy this country?

    BOB KLAHN bob.klahn@sev.org http://home.toltbbs.com/bobklahn

    ... The Law of Unintended Consequences carries it own penalties...
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