Thursday, October 21, 2010
Hey, Debt Terrorists! Why didn't the debt explosion in the 1940s bankrupt us??
This chart says it all!
The per capita debt load exploded in the 1940s, yet it didn't bankrupt us. On the contrary, it made us rich because there is no such thing as a "per capita debt burden." That's a made up, fictitious construct. The debt of the government is an ASSET of the non-government, so what this chart should really be called is the per-capita asset windfall. That's what made us rich after it occurred.