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: Warren G. Harding was elected president in 1920 and believed the federal government should be fiscally managed in a way similar to private sector businesses. He had campaigned in 1920 on the slogan, "Less government in business and more business in government." Under Harding, federal spending declined from $6.3 billion in 1920 to $5 billion in 1921 and $3.3 billion in 1922. Over the course of the 1920s, under the leadership of Calvin Coolidge, the national debt was reduced by one third. The decrease was even greater when the growth in GDP and inflation is taken into account. Debt held by the public was $15.05 billion or 16.5% of GDP in 1930. When Franklin D. Roosevelt took office in 1933, the public debt was almost $20 billion, 20% of GDP. Decreased tax revenues and spending on social programs during the Great Depression increased the debt and by 1936, the public debt had increased to $33.7 billion, approximately 40% of GDP. During its first term, the Roosevelt administration ran large annual deficits of between 2 and 5% of GDP. By 1939, the debt held by the public had increased to $39.65 billion or 43% of GDP.