Quote:

Originally Posted by Agent 488 serious question. why did the US debt start shooting up during the 70s? serious answers, no political bullshit.

The wind-down of the War in Vietnam and the loss of tax revenue from the military-industrial complex supporting employment and consuming the military expenditures.

Also, Richard Nixon's two devaluations of the dollar and the subsequent abandonment of the Bretton-Woods Agreements of 1944

Basically, the US dollar was no longer a reserve currency that could be converted to gold at $35.00 an ounce when gold on the free market was selling for $75.00.