Title: History of the United States public debt - Wikipedia
Headings: History of the United States public debt
History of the United States public debt
Contents
Early history
1790s
The assumption issue
1790s to 1834
Payment of US national debt
1836 to 1910
World War I and Great Depression
After World War II
2011 credit rating downgrade
Changes in debt by political affiliation
Causes of recent changes in debt
2001 vs. 2009
2001 vs. 2011
2008 vs. 2009
Historical debt levels
Gross federal debt
Publicly held debt
Federal spending, federal debt and GDP
See also
Notes
References
External links

Content: To allow comparisons over the years, public debt is often expressed as a ratio to gross domestic product (GDP). Historically, the United States public debt as a share of GDP has increased during wars and recessions, and subsequently declined. The United States public debt as a percentage of GDP reached its highest level during Harry Truman 's first presidential term, during and after World War II. Public debt as a percentage of GDP fell rapidly in the post-World War II period, and reached a low in 1973 under President Richard Nixon. Debt as a share of GDP has consistently increased since then, except during the terms of presidents Jimmy Carter and Bill Clinton. Public debt rose during the 1980s, as President Reagan cut tax rates and increased military spending. It fell during the 1990s, due to decreased military spending, increased taxes and the 1990s boom. Public debt rose sharply in the wake of the 2007–08 financial crisis and the resulting significant tax revenue declines and spending increases. Contents
1 Early history
1.1 1790s
1.2 The assumption issue
1.3 1790s to 1834
1.4 Payment of US national debt
1.5 1836 to 1910
2 World War I and Great Depression
3 After World War II
3.1 2011 credit rating downgrade
4 Changes in debt by political affiliation
5 Causes of recent changes in debt
5.1 2001 vs. 2009
5.2 2001 vs. 2011
5.3 2008 vs. 2009
6 Historical debt levels
6.1 Gross federal debt
6.2 Publicly held debt
7 Federal spending, federal debt and GDP
8 See also
9 Notes
10 References
11 External links
Early history
Alexander Hamilton 's First Report on the Public Credit, January 9, 1790
1790s
Except for about a year during 1835–1836, the United States has continuously had a fluctuating public debt since its Constitution went into effect on March 4, 1789. During the American Revolution, the Continental Congress, under the Articles of Confederation, amassed huge war debts, but lacked the power to repay these obligations through taxation or duties on imports.