The U.S. Debt Buildup Before 2008

Source of the graph

I recently posted showing that the United States was doing rather well, as compared with other developed nations, in pulling down the debt as percentage of GDP since 2008. This graph shows were that debt accumulated. There was a sharp change early in the Great Depression (decrease in GDP) followed by a long recovery lasting until the early 1950s. There was a long slow buildup from that low until the early 1980s when the Reagan administration budgets kicked in. The rate of increase was somewhat moderated from the late 1980s until the 2000s, the administration of George W Bush. If we had not had the Reagan and George W Bush administration periods of government spending and cutting taxes, would we have gotten into the problems that led to the crash of 2008?

Think about that when the Republicans try to blame Obama for the economic problems we face in 2012!