What I don&#x27;t understand is how in the US in the 1920s the tax rate was in the single digits while deficit was negative (!) and debt was low [1], while today tax rates are at 40%, deficit is about 17% (!) of budget and debt is over 100% GDP. What on earth went wrong?<p>[1] <a href="http:&#x2F;&#x2F;www.usgovernmentspending.com&#x2F;debt_deficit_brief.php" rel="nofollow">http:&#x2F;&#x2F;www.usgovernmentspending.com&#x2F;debt_deficit_brief.php</a>