by Gary Christenson
The official US national debt in 1913 was $2.91 billion. In 1971, when President Nixon lied about temporarily disconnecting gold from the dollar, the official national debt was $398 billion.
By 2019 the official national debt has grown to $23,000 billion.
Politicians borrow and spend to reward cronies and buy votes. They also increase their personal wealth. Human nature changes slowly.
From 1913 to 2019 the national debt increased at a compounded rate of 8.8% per year. From 1971 to 2019 the debt also increased at 8.8% per year. This 106-year trend appears stable and likely to continue.