The Last Time America Hit 100% Debt-to-GDP, a Golden Age Followed

In the spring of 1946, hundreds of thousands of American soldiers were coming home from Europe and the Pacific, maimed, bruised, and shell-shocked. The economy they returned to was upside down. Detroit was making tanks, not automobiles. Factories were making bullets, not baby carriages. Food was rationed. Fuel was scarce. And, overall, life in America had been bleak for the better part of two decades. The Great Depression gave way to a stretch of war that led many Americans to fear that their kids would soon be speaking German and goose-stepping with the H—-r Youth. Government finances were equally bleak….