It has been described as a tidal wave, an asteroid, and a cancer; and the worst part is, nothing has been done about it. If we’re going to survive, we have to act now.
Both the government and citizens of the United States have become addicted to debt. In 2008, this addiction led to the biggest government bailout in U.S. history, a $700 billion dollar bailout accompanied by another $100 billion in tax cuts and spending increases. For the first time in history, the national debt is over $10 trillion. To put that into perspective, the national debt per person is growing at a drastic rate. Another way of putting it is, over 110 million people would have to forgo a four-year college education in order to pay off the current national debt.
Ever since the United States was founded, our country has had to deal with debt. The Revolution, the Civil War, the Great Depression, WWI, and WWII all resulted in spikes in the national debt. After each of these incidents during times of relative peace, the country has rebounded and significantly lowered this debt. However, in the 1980s, this all changed.
During the Reagan Era in the 1980s, national debt skyrocketed. Tax cuts and increased government spending lead to the national debt increasing from 33% to 64% of gross domestic product. This was the first time of relative peace that debt was accumulating.