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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USH5USDEBTF11 - History of National Debt

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