Trusted Writing on History, Travel, and American Culture Since 1949
Federal debt
Political leaders once agreed that the U.S. should borrow only for well-defined purposes. But in the last twenty years, we’ve ignored their guidance and added a staggering $25 trillion to the federal debt.
Editor’s Note: Pres. Read more >>
And how it grew, and grew, and grew…
The federal government was still in the process of establishing itself in 1792 and did not have a good year financially. Total income was only $3,670,000, or 88 cents per capita. Outlays were $5,080,000. The budget deficit therefore amounted to fully 38 percent of revenues. Read more >>