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SG5historyF11 - US Economic History Study Guide Five...

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US Economic History Study Guide Five: History of the National Debt September 21, 2011 The History of the Federal Debt (class notes and other sources) 1. Explain the difference between “debt” and “deficit.” 2. How much was the U.S. National Debt in 1791? 3. What was the U.S. National Debt a. after the War of 1812 (in 1816)? b. after the Civil War (in 1866)? c. after World War I (in 1919)? d. after World War II (in 1946)? 4. What happened to the U.S. National Debt from 1963 to 1982? 5. When did the U.S. National Debt first pass... a. $1 trillion b. $4 trillion c. $6 trillion d. $8 trillion e. $10 trillion f. What is the U.S. National Debt today (in trillions of dollars)? 6. When was the national debt of the United States zero? Who was president when this happened and how long did it last? 7. According to lecture, who was president the last time the budget deficiet was zero? How long did this zero deficit last? 8. According to lecture, what causes the National Debt to rise? 9. Politicians often compare governments to households. What are the problems with this
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