History Of The United States Public Debt
In the United States, national debt is money borrowed by the federal government of the United States. Debt burden is usually measured as a ratio of public debt to gross domestic product.
Debt as a share of the US economy reached a maximum during Harry Truman's first presidential term. Public debt as a percentage of GDP fell rapidly in the post-World War II period, and reached a low in 1973 under President Richard Nixon. The debt burden has consistently increased since then, except during the presidencies of Jimmy Carter and Bill Clinton. In recent years sharp increases in deficits and the resulting increases in debt have led to heightened concern about the long-term sustainability of the federal government's fiscal policies.
Read more about History Of The United States Public Debt: Early History, After World War II, Changes in Debt By Political Affiliation, Causes of Recent Changes in Debt, Federal Spending, Federal Debt, and GDP
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