The article explores the historical context of the U.S. national debt, particularly under President Woodrow Wilson, who expanded it to finance World War I. Unlike contemporary discussions framed in moral ineptitude, Wilson’s approach saw the debt as a means to bolster the economy. His strategies included taxing the wealthy, businesses, and issuing war bonds. The piece also outlines the broader implications of high government debt, emphasizing issues like political conflict, intergenerational equity, inflation, and slowing growth, thus highlighting the complexities of managing national finances responsibly.
In years past, competent politicians made use of the debt to benefit the American people instead of wage endless foreign wars.
Wilson increased the U.S. debt to finance World War I, effectively laying the foundation for the strongest economy.
High government debt creates regular political conflict, lagging intergenerational equity, higher inflation, a debt crisis risk, slower growth, and higher interest rates.
Wilson campaigned on breaking up monopolies and tariffs while navigating the challenges of a growing national debt during his presidency.
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