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The national debt was up to $80,885 per person as of 2020. [153] The national debt equated to $59,143 per person U.S. population, or $159,759 per member of the U.S. working taxpayers, back in March 2016. [154] In 2008, $242 billion was spent on interest payments servicing the debt, out of a total tax revenue of $2.5 trillion, or 9.6%. Including ...
In 1835, the national debt hit a low of $33,733 when Andrew Jackson was president. But the U.S. started borrowing again as the economy entered a recession in 1837.
Over the course of the 1920s, under the leadership of Calvin Coolidge, the national debt was reduced by one third. [20] The decrease was even greater when the growth in GDP and inflation is taken into account. Debt held by the public was $15.05 billion (~$219 billion in 2023) or 16.5% of GDP in 1930.
Real GDP growth rate by president since 1947 (the quarter in which a new president takes office is attributed to the incoming president) [14] President Political party Period of presidency Average annual real GDP (in trillions) Average annual percentage growth Harry S. Truman (data available from 1947) Democratic: 1945–1953 2.43 4.88%
The U.S. government will pay close to $900 billion this year just in interest payments on the national debt. ... 20% higher than nominal economic growth, which averaged 4.2%. President Obama ...
The national debt is currently almost the same size as the entire U.S. economy, which is roughly $27.3 trillion, according to a Council on Foreign Relations report, and is on track to double ...
If the average daily rate of debt growth over the past three years continues, the gross national debt will reach $37 trillion within 5 months, $39.2 trillion in 2026, and $40.95 trillion in 2027 ...
The sizable national debt increases during his administration represented a reversal from a sizable surplus projection by the Congressional Budget Office just prior to his taking office. [ 7 ] As of 2017, a major legacy of President Bush's economic policy was his tax cuts, which were extended indefinitely by President Obama for roughly the ...