03/12/10 Stockholm, Sweden – It’s like the nation has woken up, groggy and confused about what happened the night before, and hoping it didn’t wastefully spend too much money.
Then, the below arrives… a credit card statement showing the history of the US’ national debt. It’s enough to make Uncle Sam’s face flush red with shame. Amount due: $12 trillion. Ouch.
We found this graphic via Jesse Felder in his post on the country’s credit card statement.
Rocky Vega
Rocky Vega is publisher of Agora Financial International, where he advances the growth of Agora Financial publishing enterprises outside of the US. Previously, he was publisher of The Daily Reckoning, and founding publisher of both UrbanTurf and RFID Update -- which he ran from Brazil, Chile, and Puerto Rico -- as well as associate publisher of FierceFinance. Rocky has an honors MS from the Stockholm School of Economics and an honors BA from Harvard University, where he served on the board of directors for Let’s Go Publications, Harvard Student Agencies, and The Harvard Advocate.
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The Reaganomics part of it is a bit misleading on the statement. Reagan’s policies created massive economic growth. The problem was that politicians didn’t stop spending. If there had been spending restraint, Reagan’s policies would have been as close to ideal as you can get in this day and age.
Would I rather have stayed in the Carter malaise or had the Reagan growth knowing what I know now? No contest. Carter was a fool.