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The history of the United States public debt started with federal government debt incurred during the American Revolutionary War by the federal government of the United States, after its formation in 1789. The United States has continuously had a fluctuating public debt since then, except for about a year during 1835–1836. To allow comparisons over the years, public debt is often expressed as a ratio to gross domestic product (GDP). Historically, the United States public debt as a share of GDP has increased during wars and recessions, and subsequently declined. The United States public debt as a percentage of GDP reached its highest level during Harry Truman's first presidential term, during and after World War II. Public debt as a percentage of GDP fell rapidly in the post-World War II period, and reached a low in 1974 under President Richard Nixon. Debt as a share of GDP has consistently increased since then, except during the terms of presidents Jimmy Carter and Bill Clinton. Public debt rose during the 1980s, as President Reagan cut tax rates and increased military spending. It fell during the 1990s, due to decreased military spending, increased taxes and the 1990s boom. Public debt rose sharply in the wake of the 2007–08 financial crisis and resulting significant tax revenue declines and spending increases. ==Early history== Except for about a year during 1835–1836, the United States has continuously had a fluctuating public debt since its Constitution went into effect on March 4, 1789. During the American Revolution, the Continental Congress, under the Articles of Confederation, amassed huge war debts, but lacked the power to repay these obligations through taxation or duties on imports.〔Staloff, Darren. 2005. ''Hamilton, Adams, Jefferson: The Politics of Enlightenment and the American Founding''. Hill and Wang, New York. ISBN 0-8090-7784-1. p.69.〕〔Miller, John C. 1960. ''The Federalists: 1789-1801''. Harper & Row, New York. ISBN 9781577660316. p.37.〕 On the founding of the United States, the financial affairs of the new federation were in disarray, exacerbated by an economic crisis in urban commercial centers.〔Hofstadter, Richard. 1948. ''The American Political Tradition and the Men Who Made It.'' New York: A. A. Knopf. p.125.〕 In 1790, Secretary of the Treasury Alexander Hamilton pushed for Congress to pass a financial plan, called the First Report on the Public Credit,〔First Report of the Public Credit, issued on January 9, 1790.〕 a controversial part of which involved the federal government assuming state debts incurred during the Revolutionary War. Northern states had accumulated a huge amount of debt during the war, amounting to $21.5 million, and wanted the federal government to assume their burden. The Southern states, which had lower or no debts, whose citizens would effectively pay a portion of this debt if the federal government assumed it, were disinclined to accept the proposal. Some states, including Virginia, had already paid off almost half of their debts, and felt that their taxpayers should not be assessed again to bail out the less provident, and further argued that the plan was beyond the constitutional power of the new government. James Madison, then a representative from Virginia, led a group of legislators from the South in blocking the provision and prevent the plan from gaining approval. The plan was finally adopted as part of the Compromise of 1790, as the Funding Act of 1790. The Southern states extracted a major concession from Hamilton in the recalculation of their debt under the fiscal plan.〔Staloff, 2005, p. 96-97〕 For example, in the case of Virginia, a zero-sum arrangement was contrived, in which Virginia paid $3.4 million to the federal government, and received exactly that amount in federal compensation.〔Ellis, 2000, p. 73〕 The revision of Virginia’s debt, coupled with Potomac residence issue, ultimately netted it over $13 million.〔Staloff, 2005, p. 96, p. 313, Ellis, 2000, p. 73-74〕 Another result of federal assumption of state debts was to give the federal government much more power by placing the country's most serious financial obligation in the hands of the federal government rather than the state governments. The federal government was able to avoid competing in interest with the States. The debts of the federal government on January 1, 1791 amounted to $75,463,476.52, of which about $40 million was domestic debt, $12 million was foreign debt, and $18.3 million were state debts assumed by the federal government, of the $21.5 million that had been authorized. To reduce the debt, from 1796 to 1811 there were 14 budget surpluses and 2 deficits. There was a sharp increase in the debt as a result of the War of 1812. In the 20 years following that war, there were 18 surpluses. The United States actually paid off its debt entirely in January 1835, only to begin accruing debt anew by 1836 (the debt on January 1, 1836 was $37,000).〔(【引用サイトリンク】title= Bureau of the Public Debt: The 19th Century )〕〔(【引用サイトリンク】title= PolitiFact: Fla. senator says Jan. 8, 1835, is the only day U.S. has been debt free )〕 Another sharp increase in the debt occurred as a result of the Civil War. The debt was just $65 million in 1860, but passed $1 billion in 1863 and reached $2.7 billion by the end of the war. During the following 47 years, there were 36 surpluses and 11 deficits. During this period 55% of the national debt was paid off. 抄文引用元・出典: フリー百科事典『 ウィキペディア（Wikipedia）』 ■ウィキペディアで「History of the United States public debt」の詳細全文を読む スポンサード リンク
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