The U.S. National Debt Under President Lyndon B. Johnson

Guns and Butter: The Great Society

Lyndon B. Johnson launched the "Great Society," creating programs like Medicare and Medicaid. These social programs, part of the "War on Poverty," required enormous federal spending and fundamentally expanded the government's role in American life, representing the "butter" portion of his economic policy.

The Escalation of the Vietnam War

Johnson also dramatically escalated involvement in the Vietnam War, with troop numbers swelling to over 500,000 by 1968. This massive military commitment was incredibly costly. Johnson resisted raising taxes significantly to pay for both the Great Society and the war, leading to large annual deficits and rising inflation.

The Debt in Numbers