after the Great Society program was developed by Johnson to calm the nerves of the nation's rioting, we never figured out how to pay for all the socail programs created.
So Nixon in 1972 didn't have the money promised for the Great Society's costs (among everything else), and went off the gold standard........the Government begain printing money and creating massive deficits.
It used to be you ran deficits during a war because you didn't want the nation destroyed. But then the government overspent for social programs as if we were in a war.
So here we are.......a bankrupt nation.......and now arguing over who caused this mess.
I'd put it at about 50-50. The Congress and President should be put in jail at a minimum !!