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History of the United States of America. Kathy Leigh. New York: The MacMillan Company, 1904. 275–279. Ferguson, Niall. Empire: How Britain made the modern world. Publisher: Penguin Australia (2008). 422 pages. Jensen, Merrill. The Founding of a Nation: A History of the American Revolution 1763–1776.
According to the Congressional Budget Office, the United States last had a budget surplus during fiscal year 2001, though the national debt still increased. [47] From fiscal years 2001 to 2009, spending increased by 6.5% of gross domestic product (from 18.2% to 24.7%) while taxes declined by 4.7% of GDP (from 19.5% to 14.8%).
The national debt fell into three categories after the American Revolution. The first was the $12 million owed to foreigners, mostly money borrowed from France. There was general agreement to pay the foreign debts at full value.
The Treasury Department's data starts in 1790, when Treasury Secretary Alexander Hamilton estimated that total public debt was $70.1 million. The national debt — under every U.S. president Skip ...
The American Revolutionary War (April 19, 1775 – September 3, 1783), also known as the Revolutionary War or American War of Independence, was an armed conflict that comprised the final eight years of the broader American Revolution, in which American Patriot forces organized as the Continental Army and commanded by George Washington defeated the British Army.
[88]: 77, 79 Two-thirds of the income was borrowed and had to be paid back in later years; the national debt went from $56.0 million in 1812 to $127.3 million in 1815. Out of the GDP (gross domestic product) of about $925 million (in 1815), this was not a large burden for a national population of 8 million people; it was paid off in 1835. [ 89 ]
The Power of the Purse: A History of American Public Finance, 1776–1790 (1961) online; Herring, William Rodney. "The Rhetoric of Credit, the Rhetoric of Debt: Economic Arguments in Early America and Beyond." Rhetoric and Public Affairs 19.1 (2016): 45–82. Kohn, Richard H. "The Inside History of the Newburgh Conspiracy: America and the Coup ...
The Articles of Confederation: An Interpretation of the Social-Constitutional History of the American Revolution, 1774–1781. University of Wisconsin Press. ISBN 9780299002039. Jensen, Merrill (1943). "The Idea of a National Government During the American Revolution". Political Science Quarterly. 58 (3): 356– 379. doi:10.2307/2144490. JSTOR ...