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 The Daily Reckoning. Previously, he was founding publisher of UrbanTurf and RFID Update, which he operated from Brazil, Chile, and Puerto Rico, and associate publisher of FierceFinance. He specialized in direct marketing at MBI, facilitated MIT Sloan School of Management programs, and has been featured on CBS. Vega graduated with honors from Harvard University, where he was on the board of Let’s Go Publications and directed business programs involving McKinsey, Goldman Sachs, and Harvard Business School faculty. He is also enrolled at the Stockholm School of Economics.
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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.