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
Famous quotes containing the words history of the, history of, history, united, states, public and/or debt:
“The History of the world is not the theatre of happiness. Periods of happiness are blank pages in it, for they are periods of harmony—periods when the antithesis is in abeyance.”
—Georg Wilhelm Friedrich Hegel (1770–1831)
“We know only a single science, the science of history. One can look at history from two sides and divide it into the history of nature and the history of men. However, the two sides are not to be divided off; as long as men exist the history of nature and the history of men are mutually conditioned.”
—Karl Marx (1818–1883)
“Social history might be defined negatively as the history of a people with the politics left out.”
—G.M. (George Macaulay)
“It is said that the British Empire is very large and respectable, and that the United States are a first-rate power. We do not believe that a tide rises and falls behind every man which can float the British Empire like a chip, if he should ever harbor it in his mind.”
—Henry David Thoreau (1817–1862)
“My only rival, the United States cavalry.”
—James Kevin McGuinness, and John Ford. Mrs. Yorke (Maureen O’Hara)
“Cole’s Hill was the scene of the secret night burials of those who died during the first year of the settlement. Corn was planted over their graves so that the Indians should not know how many of their number had perished.”
—For the State of Massachusetts, U.S. public relief program (1935-1943)
“Man’s pity for himself, or for his son,
Always premising that said son at college
Has not contracted much more debt than knowledge.”
—George Gordon Noel Byron (1788–1824)