USH5USDEBTF11

USH5USDEBTF11 - History of National Debt •...

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Unformatted text preview: History of National Debt • http://www.publicdebt.treas.gov/history/history.htm • http://www.uwsa.com/us-national-debt.html • http://www.treasurydirect.gov/govt/reports/pd/histdebt/hist Debt in the 19 th century • The U.S. has had debt since its inception. Records show that debts incurred during the American Revolutionary War amounted to $75,463,476.52 by January 1, 1791. http://www.publicdebt.treas.gov/history/history.htm • The National Debt in 1816 was $127 million • Andrew Jackson reduced the National Debt to zero (or virtually zero) in 1835 • The National Debt in 1839 was $10 million • The National Debt in 1851 was $68 million • The National Debt in 1866 was $2.77 billion • By 1891 the National Debt had fallen to $1.546 billion (the lowest it was from the Civil War to World War I) Debt in the 20 th century • The National Debt in 1919 was $27.4 billion • The National Debt in 1930 was only $16.2 billion • By 1946, the National Debt was $269.4 billion • 1957 was the last year – in the data set examined in class – the National Debt fell. It was $270.5 billion that year. • 1963: $305.9 billion • 1972: $427.3 billion • 1975: $533.2 billion • 1982: $1.14 trillion • 1986: $2.13 trillion • 1992: $4.06 trillion • 2000: $5.67 trillion Debt in the past decade • 2001: $5.8 trillion • 2002: $6.2 trillion • 2003: $6.8 trillion • 2004: $7.4 trillion • 2005: $7.9 trillion • 2006: $8.5 trillion • 2007: $9.0 trillion • 2008: $10.0 trillion • 2009: $11.9 trillion • 2010: $13.6 trillion • TODAY: $14.7 trillion What Causes the national debt to rise? • Debt occurs when government revenue (primarily from taxes) is less than government spending. • Therefore debt will rise whenever.. • revenue falls: this happens when the economy goes into recession and when we decide to cut taxes • spending increases: this can happen when we go to war Taxes of the Federal Government • http://www.ustreas.gov/education/fact-sheets/taxes/ustax.s • The income tax was instituted in 1913 • The social security tax was instituted in 1935 Recent tax history...
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This note was uploaded on 09/21/2011 for the course ECON 33974 taught by Professor Barbaraross during the Spring '09 term at Hawaii.

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USH5USDEBTF11 - History of National Debt •...

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