How did the U.S. debt get so high? The crucial turning point came back in 2001, said Lori Montgomery. At the time, Uncle Sam was actually running surpluses, and “the outlook was so rosy” that forecasters were predicting the U.S. could pay back every dime it had ever borrowed. That’s when President George W. Bush made a pivotal decision: Rather […]
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“To contract new debts is not the way to pay old ones.” – George Washington
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Sometimes stereotypes are spot on, said Brian Melican. The German reluctance to bail out debt-ridden euro zone countries is rooted in a moral abhorrence of debt. Anyone who’s ever dined out with Germans knows they are sticklers for paying exactly what they owe and not one cent more or less. It is unheard of in Germany for two or more […]
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Percentage of Americans aged 18 to 31 with credit-card and student-loan debt, respectively, in 1989: 43, 18 Today: 36, 40
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Percentage of the current U.S. debt that was accumulated during Republican presidential terms: 71
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