This chart look at the causes of US public debt. Public debt excludes social security. According to the Committee for Responsible Federal Budgets public debt could have been 0% if the Bush and Trump taxes cuts never happened, the 2008 financial crisis and 2020 Covid pandemic never happened and if discretionary spending was kept at 2000 levels. Some of the increase in discretionary spending could be considered a recessionary response since you see a large increase in it after 2008 and 2020 but wasn’t in this chart.
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What is “Underlying debt to GDP”
This chart look at the causes of US public debt. Public debt excludes social security. According to the Committee for Responsible Federal Budgets public debt could have been 0% if the Bush and Trump taxes cuts never happened, the 2008 financial crisis and 2020 Covid pandemic never happened and if discretionary spending was kept at 2000 levels. Some of the increase in discretionary spending could be considered a recessionary response since you see a large increase in it after 2008 and 2020 but wasn’t in this chart.
Now break out military spending.
War truly is a racket, I guess.