Speaking of American debt, there have been national debt since the founding of the People's Republic of China. At that time, because of the American War of Independence and the adoption of the Confederate Declaration, the United States raised $75.46 million in national debt on June 179 1 1. In the following 45 years, the national debt of the United States kept growing until 1835 and 65438+1October 8, when Jackson was in office, it briefly fell to zero, but it soon grew to millions of dollars.

The first sharp rise in US Treasury bonds was mainly caused by the civil war (1861April12–1865 April 9). 1860, the debt of the United States was $65 million. By 1863, it had exceeded 10 billion dollars, and it had increased to 2.7 billion dollars after the war.

After the civil war, the population of the United States decreased, and a large area of land was barren and productivity was weak. It also coincides with the worst economic crisis in American history, with a large increase in the number of unemployed people, low public sentiment and rapid decline in productivity.

This situation lasted until the First World War. After the outbreak of World War I, in order to cope with the huge military expenditure, Britain (one of the creditor countries of the United States at that time) had to borrow a lot from the United States, and the United States made a big turn from a pre-war debtor country to a debtor country.