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The National Debt Serious Problem or Natural Occurrence Many people today do not know much about the national debt Such ignorance has resulted in the questions So if it is our debt we owe it to ourselves right Why not just cancel it or We owe it to ourselves so isnt it no big deal if debt goes up Well actually it is not that simple The money owed from the National Debt isnt just from Americans 42 of the debt is from foreign investors 37 of that 42 is owed to Japan Besides even if it was 100 American owed we just cant cancel the debt That would be like going to the bank taking out 100000 dollars and then telling the bank that youre canceling the debt Millions of American investors are owed money and the answer to the debt problem wont be that simple In 1790 when Alexander Hamilton as secretary of the treasury made his first report on the national debt of the United States he estimated it at close to 70 million After alternately rising and falling the debt stood at only 4 million or 21 cents per capita in 1840 Debt National That was the lowest point ever reached by the public debt of the US While the debt is constantly changing the estimated value of the deficit today falls somewhere between 741 and 742 trillion dollars That is approximately 20000-30000 per person in America including those still in diapers The government owns approximately 42 of the debt the rest is public owned through bills notes and bonds Summary Historically these loans have been undertaken to raise money for wars and national defense and to finance public works More recently though governments have taken loans to meet national budgets or expenses that are not covered by their revenue or to seek to improve economic conditions by counteracting unemployment or depressions The National Debt is the result of a states
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