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: History of the United States public debt - Wikipedia
History of the United States public debt
From Wikipedia, the free encyclopedia
(Redirected from History of the U.S. public debt)
Jump to navigation Jump to search

This article needs to be updated. Please update this article to reflect recent events or newly available information. ( July 2020)
Aspect of history
Federal debt held by the public as a percentage of gross domestic product, from 1790 to 2013, projected to 2038. The history of the United States public debt started with federal government debt incurred during the American Revolutionary War by the first U.S treasurer, Michael Hillegas, after its formation in 1789. The United States has continuously had a fluctuating public debt since then, except for about a year during 1835–1836. 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.