Yes, and just look who the presidents were during and following those years.
Nixon, but of coarse he had the Viet war debt, which is no more than fair as Eisenhower/Nixon were #1&#2 and started the Viet war by promising the Frog Degaule(sp) to back him at Dien Bien Phu then didn't do it and pissed the Frog off.

Ford, who was an idiot, but not his fault,,

Then the worst prez ever,, Jimmah Carter a fucking peanut farmer with an alcoholic, crooked grafting brother selling US to foreign interests as fast as he could.

Then following them into the 80's you have the world famous cowboy actor and EX Calif. Governor Ronald Reagan who spent more money than 10 preceding presidents all totaled and did the same as Obama baby, except he busted the unions before Clinton could come in and do it.

and the 70's ended in a real cluster fuck.