I've seen these graphs going around social media and have brushed them off as being non-consequential. Often commentators of the graphs are quick to say things like, "It's all Obama's fault!" or "Yeah, you're right: It was Bush's fault!" and so the blame game continues. I feel it is a bit childish and doesn't really address the fundamental issues on hand.
Rarely in finance do deals take effect on an arbitrary date. There's often a time lag when money is 'properly' spent under the governing accounting laws of the period (in the United States, the power of the purse theoretically rests with Congress). When a currency is perpetuated in debt, it leads to immoral practices and malinvestment. The malinvestment is never allowed to liquidate, creating/perpetuating moral hazard(s). It isn't allowed to happen because of interests in the deal that frankly shouldn't be there.
For instance, take the Federal Deposit Insurance Corporation (FDIC) insuring retail deposits for up to $250,000, causing a moral hazard in that firms are actually encouraged to take on more leverage than 'reasonably' necessary (and customers aren't told where their money is invested). Or, consider the Affordable Housing Act/Community Reinvestment Act, etc. which caused malinvestment/moral hazards because of cheap, inflated money. It's a currency issue, not a partisan issue. It's a philosophical issue, not a conservative or liberal one. It's really a human issue, but that is to be understood.
Allowing currencies to compete is not such a radical idea. The transition could take any arbitrary amount of years but the underlying understanding is that these things take time to deleverage, especially after such a period of time where events were allowed to "wind up." Unwinding is necessary. Contract law and civil law would need to take the jump forward. The problem with the governing accounting laws is that they are often behind the market. In the age of computing, it should not be hard to compute the numbers necessary and allow greater transparency. We are in an age when transparency should be encouraged and markets can assume their own risk.