The graph below embodies a shit-ton of modern political, policy and financial history, even if on the surface its seems prosaic enough. Literally, it tracks in 2023 dollars of purchasing power the rise of the public debt since 1966.
To be sure, 1966 did have some claim to being an inflection point in modern fiscal history. That was the year in which LBJ’s “guns and butter” policies went into high gear, fueled by a spending surge for both the Great Society and the dramatic escalation of Johnson’s genocidal war on the peasants of Vietnam. And it was also the year in which LBJ famously manhandled the Chairman of the Federal Reserve down on his ranch in Texas, demanding that the Fed print the money to support his boys “bleeding and dying in the jungles of Southeast Asia”, as he put it.
read more at https://original.antiwar.com/David_Stockman/2023/12/26/the-neocon-rot-in-the-gop-empowered-the-warfare-state/
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