Deficits were fixed after WWII because the war was over View another article
WWII deficits used as an excuse to have deficits now
 
We frequently hear how US debt is not an issue, because "Well, we had even larger deficits before during WWII". Krugman does so here

While true, there is one factor that makes the deficit comparisons to WWII so laughably wrong: WWII ended.

Once WWII ended and many of FDR's government controls on the economy were lifted by the Supreme Court in 1946, as well as destroying our competitor's industrial capacity, the economy had a boom and we worked our way out of debt. Debt was 94% of GDP in 1950 , and down to 56% in 1960.

We didn't reduce the debt by magic, what happened is that we massively CUT SPENDING in 1946 because the war ended.

We don't have that spending cut today; in fact with ObamaCare and other programs Democrats have passed, we now have the LARGEST DEFICITS since WWII.

The next time you see a post minimizing our current deficits because of WWII, kindly ask them when we will have a huge spending drop to correspond with the huge spending drop after WWII.
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