History of the United States public debt
aspect of history
The history of the United States public debt began with federal government debt incurred during the American Revolutionary War by the first U.S treasurer, Michael Hillegas, after the country's formation in 1776. The United States has continuously experienced fluctuating public debt, except for about a year during 1835–1836. To facilitate comparisons over time, 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 peak during Harry Truman's first presidential term, amidst and after World War II. It rapidly declined in the post-World War II period, reaching a low in 1973 under President Richard Nixon. Since then, debt as a share of GDP has consistently risen, with exceptions during the terms of Presidents Jimmy Carter and Bill Clinton. Public debt surged during the 1980s, as Ronald Reagan cut tax rates and increased military spending, while it decreased in the 1990s due to reduced military spending, increased taxes, and the economic boom.
Public debt sharply rose following the 2008 financial crisis, driven by significant tax revenue declines and spending increases.
During the COVID-19 pandemic, US public debt dramatically increased due to emergency measures aimed at sustaining the economy amidst widespread economic retraction across various industries, alongside high unemployment rates.
Early history
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.
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This entry incorporates text from “History of the United States public debt” on English Wikipedia. Contributors are listed in the page history. Text is available under the Creative Commons Attribution-ShareAlike 4.0 License. Selected authority identifiers and statements are retrieved from Wikidata under CC0; their references and qualifiers remain part of the verification path.