Daniel E. Moore
History of U.S. National Debt
Wed Jul 5, 2006 03:23

 
In these trying and difficult time a history of the U.S. National debt is in order: It is a given that the debt increases in times of war, even unconventional one that was never formally declared.
The first time the national debt reached into the billions was during the Civil War when it grew from $58 million to $2.76 billion. But after the war Congress began attacking the debt and ran 18 years of straight surpluses.
In 1917, war bonds were introduced and by the end of World War I the debt had grown to $25 billion. But again the Congress began working down the debt to $17 billion when the Great Depression hit in 1929, followed by World War II.
By the end of that war there had been 16 years of deficits and the debt stood at $269 billion. Despite a booming post-war economy Congress did not show the same commitment to reducing the debt as it had in other wars.
Both Republicans and Democrats seemed content to live with debt. It grew from $286 billion in 1960 to $371 billion in 1970(part of which was the $173 billion cost of the Vietnam War, which we now know was based on deceptive and faulty pre-war intelligence in the Gulf of Tonkin)
The debt ballooned to $909 billion by 1980 and exceeded a trillion dollars in 1981. It increased fourfold throughout the Reagan and George H.W. Bush years. When Clinton took office the debt was a little over $4 trillion and grew to $5.6 trillion. During two years of surpluses it leveled off then exploded to $5.8 trillion in September 2001 to $8.3 trillion over 56 months.
It is increasing at an average of $1.7 billion a day. Can the American people continue to run up war time deficits for a war that is undeclared having no definable end date? Can we continue to spend and borrow money from the Federal Reserve bank as if there is no tomorrow?
The future of financial security of aging Americans is tied to our nations ability to pay its debts. And because much of the debt is being bought by foreign governments with the hundreds of billions they are reaping through unbalanced free trade, America is selling its ability to be the master of its own destiny.
Nations that hold a tremendous amount of U.S. notes eventually gain the ability to affect U.S. policy. They say that money talks, is anybody listening? Can We the People set aside our differences and face the painful truth? The Government by the people is no longer for the people and both parties have sold you and your children's future. Now is the time for all good men and women to come to the aid of their country. It's time for a change. Wake up America before its too late...http://www.americanrevolutionaryparty.us

In peace,

Daniel E. Moore, President
(PROJECT FOR NEW AMERICA)

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