GLEX

I would submit there is a huge difference between today's debt and deficits than the ones from WW II and post-WW II era. The debt incurred during the war "bought" us, and the world, 60 years of peace and stability that produced the economy you credit. The current situation is just subsidizing some good and a lot of bad behavior. It is mostly transfer payments. The actual government projects that benefit the "general welfare"--infrastructure, defense, ATC, judiciary, etc are actually being slowly starved of financing as transfer payments like Medicare, Medicaid, Social Security take ever larger shares of the government budget.

GF