User 268734

U.S. Debt Is Staggering, But Not Unprecedented

"Debt to GDP hit 120% during World War II, roughly double the ratio today."

Two differences: 1. Despite Afghanistan and Iraq, today's economy is not one being distorted by the exigencies of total war - it's being distorted by self-inflicted economic mismanagement. 2. Debt run up in WW2 was largely owed to domestic creditors. Today it isn't.