Was The Us Ever Debt Free. The congressional budget office estimated that the federal debt held by the public will equal 102% of gdp by the end of 2021. The history of the united states public debt started with federal government debt incurred during the american revolutionary war by the first u.s treasurer, michael hillegas, after its formation in 1789.
The country has run a national debt ever since. In fact, the debt topped $269b or 119% of gdp in 1946, the highest ever when measured as a percentage of gdp. The us alone accumulates for almost 33% of the worlds debt with a staggering $17.3 trillion, topping the list at number one.
It was the only time in u.s.
Buying things that depreciate with debt is bad, that big screen tv, new clothing or car. The congressional budget office estimated that the federal debt held by the public will equal 102% of gdp by the end of 2021. The cost of raising a child in america is around $250,000 from birth to age 18. That’s not going to happen in my lifetime.
