The National Debt: Who Bears Its Burden?
Description:
The United States has been free of national debt for only two years, 1834 and
1835. We began our existence as a country in 1790 with a debt of $75 million. It
rose to $3.8 trillion in 1997. It rose to a high of 108.6% of gross domestic product
(GDP) at the end of World War II; declined to a post-World War II low of 23.8% of
GDP in 1974; and, then, rose to another high of 49.5% of GDP in 1993. The major
cause of debt accumulation has been war. The United States has financed the
extraordinary exp…
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Date:
January 28, 2005
Creator:
Labonte, Marc & Maniken, Gail E.
Partner:
UNT Libraries Government Documents Department