The U.S. National Debt Under President Richard Nixon

Winding Down Vietnam and Expanding Government

Richard Nixon inherited the Vietnam War and expanded the federal government's role through the creation of agencies like the EPA and OSHA. He also significantly increased Social Security benefits, indexing them to inflation, which created a large permanent financial commitment.

The Nixon Shock and Stagflation

The U.S. economy suffered from "stagflation," leading to the 1971 "Nixon Shock" where Nixon cancelled the direct international convertibility of the U.S. dollar to gold. This effectively ended the Bretton Woods system and ushered in an era of floating exchange rates and economic uncertainty.

The Debt in Numbers