Americas Debt
By-Yasmin Gonzalez Morales
America has been in debt for 241 years to be exact owing over 5 trillion dollars to forgain countries mainly China, who is our main producer.
Debt History
America was in debt since 1775. Paying for the American Revolution War made America go into debt. Later in 1783 the U.S debt came to a $43 million total. Congress later got the power to raise taxes to cover Government costs. The people of the country have contributed to paying the debt by paying taxes. America pays China around 70 million dollars each day.
In the terms of Presidents Jimmy Carter and Bill Clinton, public debt increased. During the 1980s, President Reagan cut tax rates and increased military spending. It fell during the 1990s, due to decreased military spending, and increased taxes.
Our new President Donald J. Trump plans to pay off our debt, yet he wants to build a wall that will cost millions of dollars. America is going less into debt but we still have a trillions to go thru.
Credits:
Created with images by Frontierofficial - "Fiji Journalism"