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President President's party Debt-to-GDP ratio at start of period Debt-to-GDP ratio at end of period Change in debt (in billions of dollars) Change in debt-to-GDP ratio (in percentage points) 77–78: 1941–1945 Roosevelt Democratic 100% 117.5% +203 +67.1 79–80: 1945–1949 Roosevelt, Truman Democratic 117.5% 93.1% -8 -24.4 81–82: 1949–1953
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.
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 October 2020, Journalist Glenn Kessler of The Washington Post summarized the total job creation by president from Harry S. Truman through Donald Trump as of August 2020. For the 13 presidents beginning with Truman, total job creation was about 70.5 million for the 7 Democratic presidents and 29.1 million for the 6 Republican presidents.
Between 1989-2020, the national debt soared by more than 800% as Congresses and presidents from both parties approved massive spending increases and massive tax cuts at the same time.
The U.S. national debt broke a new record after crossing the $36 trillion mark for the first time as the federal government's mounting budget deficits cause the debt to surge.
Since 1946, the federal government's debt-to-GDP ratio has since fallen by nearly half, to 54.8% of GDP in 2009. The debt-to-GDP ratio of the financial sector, by contrast, has increased from 1.35% in 1946 to 109.5% of GDP in 2009. The ratio for households has risen nearly as much, from 15.84% of GDP to 95.4% of GDP. [2]
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