A Brief History of the US Economy
As Reflected in the Federal Debt
The US Treasury has posted debt records starting in 1791. These provide a backdrop for discussing the American economy.
We may divide US history into several epochs; each epoch begins and ends with war. The Epochs chosen show the huge war costs; the right hand side of the chart war cost on some charts blow through the top of the chart; the curve peak can be seen on the next epoch. (Note:All these charts show the “government admitted debt.”)
EPOCH I 1791 TO 1865 - CHART
The events of the first epoch are immediately preceded by: The Revolutionary War 1775–1783 the “Declaration of Independence” on July 4, 1776 the Constitution was signed and sent to the Colonies for ratification on September 28, 1787. It was ratified June 21, 1788. This epoch includes the war of 1812 and the only period of near zero debt in 1835. The per person debt that year was less than a cent per person.
EPOCH II 1865 TO 1917 - CHART
The second epoch begins with the Civil War (1861–1865) and ends in World War I. These years from 1866 to 1912 were some of our best years.
EPOCH III 1916 TO 1948 - CHART
World War 1 and World War 2 bound this epoch.
EPOCH IV 1940 TO 2007 - CHART
The almost continuous war period.
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