The fault really goes back to J.M. Keynes who said that government should spend to stimulate a weak economy. Of course, he was wrong as has been proven and which violates common sense, however government welcomed the thought of more spending from Roosevelt forward. All presidents have added to the debt since, but the two worst offenders are Bush and Obama.
Nixon taking us off the gold standard was a biggie because it opened the doors to unlimited spending. In Nixon's defense, he just about had to, or default, as a result of LBJ's promises.
The can being kicked is nearing the end of the road.
The already established can kickers are Romney, Santorum, Gingrich, and Obama. Vote for one of them and get it over with sooner, or vote for Paul and just maybe he can pull us out of this, something that has never happened at 103% debt to GDP.