The Federal Debt In The United States
United States had only gone into debt for paying in its wars only after Alexander Hamilton had refunded the debts of the Revolutionary War by utilizing the federal debt. And in the 1930s during the administration of President Roosevelt, the nation was moved out of the Great Depression as the federal borrowings of the nation were properly handled. But it was during territory of World War II that the US had actually entered the new debt era. In 1941 federal debt had zoomed from its starting point at 45 percent of GDP up to reaching around 119 percent of GDP in 1946 after the end of the war followed by the state and local debt of next 7 percent addition to it. After that, for following 35 years, the governments had brought down the debt. But, after the arrival of President Reagan the success of the government relating to debt started its step towards negativity.
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Similarly, President Bush had increased the debt spending more on military to fight war against terror and bailing out the banks. On top of that, President Obama had also increased the debt for funding in a plan to revive the
Similarly, President Bush had increased the debt spending more on military to fight war against terror and bailing out the banks. On top of that, President Obama had also increased the debt for funding in a plan to revive the