The story of US debt from 1790 to 2011 Part 2

Once Again, we are NOT the authors of this excellent article.  We came accross this article by Matt Phillips, and were so impressed, that we offer it here to our clients.

The full article can be found at this address.

http://qz.com/26062/one-chart-that-tells-the-story-of-us-debt-from-1790-to-2011/

Civil War

The next major surge in debt coincided with the US Civil War. The federal government was nearly debt-free before the war. The public debt surged from about$65 million in 1860 to $2.76 billion in 1866. (The Lincoln administration also signed into law the first income tax in the country’s history in 1862, which was repealed 10 years later.) The debt would never get below $900 million again. But a surge of late-19th-century economic growth, with a bit of inflation, helped the US gradually reduce the the Civil War debt as a percentage of economic output.

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