US Government Debt Story Dr. Jon Schiller Phd
In mid 2011 the US finds it has a huge multitrillion dollar public deficit. This deficit grew to a level approaching the Gross Domestic Product which relatively speaking was challenging the debt reached during WWII when the debt exceeded the GDP. As I attempted to quantify in this book, the huge increase in public debt was caused by two very long wars: the Iraq war and the Afghanistan war, which was the longest war the US has ever waged. In 2008 the US economy entered into the deepest recession it has seen since the depression starting in October 1929 and lasting until WWII (1941). This 21st century recession caused revenues to diminish greatly. Huge bail out programs were necessary to save large US banks and manufacturing companies. Also the USG made expenditures to help that segment of t...