So in other words, it’s.....Bush’s fault.
No, Greenspan’s.
Actually it IS bush’s fault. Keynesian Bush initiated an inflation as soon as he was in office and has accelerated the rate twice since. He is doing what governments normally do when they spend too much, he inflates the currency so that the government is paying back borrowed money denominated in Dollars with the agreed upon number of dollars but those dollars are smaller than those borrowed. At the same time his FED is manipulating the interest rate so that for a long time it has been negative in terms of constant dollars so that the rate doesn’t rise to offset inflation. The government is thus welshing on a large portion of the National Debt. That is actually a large increase in effective taxation because that money comes straight out of the Economy.