Billions for Bankers – Debts for the People

In 1901 the national debt of the United States was less than $1 billion. It stayed at less than $1 billion until we got into World War I. Then it jumped to $25 billion.

The national debt nearly doubled between World War I and World War II, increasing from $25 to $49 billion.

Between 1942 and 1952, the debt zoomed from $72 billion to $265 billion. In 1962 it was $303 billion. By 1970, the debt had increased to $383 billion.

Between 1971 and 1976 it rose from $409 billion to $631 billion. The debt experienced its greatest growth, however, during the 1980s, fueled by an unprecedented peacetime military buildup. In 1998, the outstanding public debt will roar past $5.5 trillion.