the debt

In the early days of our government debt was considered to be a last resort. The only justification for debt of any significant amount was a war. By 1849 the U.S. Government had accumulated a surplus of 70 Million Dollars. Immediately after the Civil War the debt stood at 3 Billion Dollars. By 1900 this had been reduced to under $1 Billion. By 1919, the end of World War I, the debt had climbed to $25.5 Billion. In each of the …

…