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Study: "Debt Problem Began Four Decades Ago"

semihardrock Wrote: Jan 21, 2013 10:53 PM
It looks like ALL THINGS went hay wire AFTER Kennedy's were shot and the US Dollar went OFF the Gold Standard....aka Federal Reserve. I believe it happened officially under Nixon......who's last words were..."I am NOT a crook" I have a feeling he was scared from being SHOT and the TRUE reason for the "wire taps"
anderson659 Wrote: Jan 21, 2013 10:59 PM
Nixon did take us off the gold standard, very true.

Please remember the reason began with the printing of money by Johnson to pay for the Vietnam war, he was warned inflation would be the result, and other disastrous consequences, and he left the problem for later administrations.

The date that government began its never ending spending spree no matter the revenues was the year 1965.
semihardrock Wrote: Jan 21, 2013 11:02 PM
And since, just like the Octopus tentacles ....The US Dollar has spread across the ENTIRE Earth.....17 Trillion and counting!
Winkmeister (Formerly David) Wrote: Jan 21, 2013 11:08 PM
The old "octopus tentacles".....haven't heard that since my last JBH meeting in 1969.
Winkmeister (Formerly David) Wrote: Jan 21, 2013 11:12 PM
Sorry "JBS" and it was 1970.
A new report from the Federal Reserve Bank of St. Louis reminds Americans that, contrary to the narrative that huge deficits and debt are merely a recent product of the Great Recession, the problem began over forty years ago.

Daniel Thornton, the St. Louis Fed's Vice President and economic adviser, finds what conservatives have been saying all along is true: it's steadily increasing government spending, not a lack of tax revenues, that's causing all of this.

[A]fter 1970, both revenues and expenditures increased on average relative to the previous two decades; however, revenue increased marginally while...
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