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At the end of World War II, our nation was broke. The money owed by our government exceeded the nation’s GDP (Gross Domestic Product) by 20 percent. We literally owed more than we produced in an entire year.
And yet times were good. The nation found itself in an era of prosperity, and the National Debt was a topic of rare discussion.
You would think that enduring a debt of $259 billion would paralyze a rational thinker. But society is oddly capable of burying concerns like this along with the tens of millions killed, and moving forward with its focus on commerce and industry.
If people had in fact been more conscious of the debt, they may not have actually minded. For you see, the nation was growing (both in population and in power) and the National Debt was shrinking.
Well, for a few years anyway. From 1945-1948, the National Debt declined to $252 billion. Back then, people laughed when politicians boasted of the debt’s decline, noting that a 7 percent decrease was nothing to brag about. But today having the debt shrink by 7 percent would be earth shattering news.
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