How Big Is The National Debt And Describe Its History

Write an APA 6th ed. formatted paper, 4-6 pages long and describe how big is US national debt and describe its history? There seems to be a surge in national debt during the GW Bush and Obama administrations. Why is that? What are the consequences of a large national debt? Is it going to hamper the economic growth as some have claimed? Is it possible for US to default on its debt in future? Explain. Why the Nobel winning economist Paul Krugman is not as alarmed as many others are with respect to the high level of US national debt? Describe how big US national debt is and describe its history? As of August 4, 2016, the official debt of the United States government is $19.4 trillion ($19,379,566,441,022).[1] This amounts to: †¢ $59,790 for every person living in the U.S.[2] †¢ $155,550 for every household in the U.S.[3] †¢ 105% of the U.S. gross domestic product.[4] †¢ 559% of annual federal revenues.[5] In the century after Alexander Hamilton refunded the debts of the Revolutionary War with a federal debt, the United States only went into debt to pay for its wars. But then in the 1930s the administration of President Roosevelt attempted to get the nation out of the Great Depression with federal borrowings. When charted in dollars, in Chart 4.01, the total accumulation of federal debt looks huge. Looking back over the last century, the debt back in 1900 doesn’t really register. But by charting accumulated debt as a percent of gross domestic product (GDP) in Chart 4.02, you getShow MoreRelatedEconomics...In Real Life1567 Words   |  7 PagesSince Yesterday is a marvelous book that describes what happened every step of the way during the depression. â€Å"†¦if we are to understand the changes in American life during the nineteen-thirties, we must first recall what things were like before this period began--before the Panic which introduced the Depression. Perhaps the most convenient way of doing this is to imagine ourselves re-living a single day in 1929† (Allen 2), the first chapter of the book describes everyday life during the late 1920s; itRead MoreAfter Fighting For Their Independence In The American Revolution,1574 Words   |  7 Pages1775. They decided throug h the Articles of Confederation to give most of the power to the states. During this time there were major conflicts happening within the states. 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