The Long Story of U.S. Debt, From 1790 to 2011, in 1 Little Chart - Matt Phillips - The Atlantic
The analysis dates to 1790 and puts the newborn US at around a 30% debt-to-GDP ratio, with the debt a bit higher than $75 million.
Where did that debt come from? Well, the Continental Congress, the
rough equivalent of the Federal government in revolution-era America,
lacked the power to tax. It first tried to pay for stuff by printing
money. This currency, known as the Continental, collapsed.
The nascent US government also raised cash by borrowing under all sorts
of authorities. This National Bureau of Economic Research working
paper lists them:
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