We’re still great, but here’s how national-debt policy was captured by Wall Street and went crazy. You can see exactly when it happened in this graph. You can even see the first President Bush predict it in the video clip below. And then take it back when he gets a new boss. Now Trump is under the Voodoo spell, and this time the country really is losing its greatness.

World War II was looming, and the country was flat broke. But Uncle Sam was popular, the country patriotic, and all were happy to lend him money. Compared to the size of the economy back then, the debt soon outstripped even today’s debt, and we won the war. Then, without any to-do, we almost paid it off, until …

Something weird happened. When Ronald Reagan became president. He rode to office on complaints of an “out-of-control debt” that was as big as “a stack of $1000 bills 67 miles high.” And in eight years in office he added another 125 miles to that stack. [Read more…]