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Word Count: 498
For the past centuries the american people dug themselves into a big hole which is the National Debt In this paper I will discuss the history of the national debt effects on the debtdeficit wais to reduce it and control the deficit the national debt has increased every year from 1945 to 1995 The biggest increase of the debt was from the years 1985 to 1995 whwn it went up about three trillion dollars Right after the Civil War the debt held at three billion dollars In 1900 this debt of three million dollars had decreased to one million dollars In 1919 at the end of the World War 1 the debt skyrocketed to 255 billion When the Wall Street fell apart in 1929 the United States fell into something that was called the Great Depression It started in 1930 and lasted until 1940 During this depression President Franklin Roosevelt came in He brought in projects known as Entitlements Some of them were known as WPA TVA and CCC Then social welfare was born and social security began This is what put our country into debt Then came war the end of the depression and the Eisenhower times The debt kept on growing so new president Lyndon Johnson developed new social welfare programs- Medicare and Medicaid The US Government came up with the gold standard and stopped minting silver coins The coins were then made from scrap pieces of metal and the cash became paper Richard Nixon and Gerald Ford passed the debt and added to it The first sign of bankruptcy occured during the Jimmy Carter Presidency Inflation skyrocketed and interest rates fluttered near 20 President Ronald Reagan made the economy act better temporarily To make the economy better Reagan invented something called a credit spree A credit spree in my opinion is when we go out and buy everything but we put in on a charge spending money we dont
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