Borrowing Money Throughout the US History

comparative Essay
1473 words
1473 words

People will face adversity every day but no matter how tough the situation, people will rise. The United States brought people together to face their adversities against England to become what the world calls it today. The U.S., the land of the free and the home of the brave. On July 4, 1776, the U.S. government sought an opportunity to make a government where power distributed evenly, which no person or group has more power than the other does.
The government made progress throughout the years molding it into the worldwide supremacy of all countries. The government went from powerhouse to a deficit crisis, quickly. The U.S. government deficit exceeded $17 trillion on October 17, 2013 (Amadeo, 2013). In future years, the government will have to pay the deficit off and when that day comes, they will have to make a decision. The government will have to continue to borrow money, but needs to become self-aware of how and where the money goes before resulting to crowding out or future generations’ choices become limited on how to deal with the deficit leaving them no choice but to increase taxes, which can potentially deteriorate the economy.
The United States has borrowed money for centuries. The Bureau of the Public Debt underway in 1789, and in 1791, they recorded their first debt $75 million exalting the Revolutionary War (Bussing-Burks, 2013). Reaching 1835, the balance finally zero out until the Civil War took place hitting $65 million in 1860 (Bussing-Burks, 2013). In 1866, the debt reached $2.7 billion with the proliferation of wars in the U.S., by 1970, the debt extended to $382 billion (Bussing-Burks, 2013). The history of debt shows how in the late 1700s until late 1900s that most came from war, which can be explained. Sin...

... middle of paper ...

...8). New York City, New York: Springer-Verlag New York. Retrieved from
Congressional Budget Office, (2013). Nonpartisan analysis for the u.s. congress. Retrieved from Bureau of Economic Analysis website:
Guell, R. (2011). Issues in economics today. (6th ed., p. 148). New York City, New York: McGraw-Hill
Hamel, G. (2013). The economic effects of raised taxes. Retrieved from
Washington, G. (1796). Washington's farewell address 1796 . Informally published manuscript, Yale Law School, Yale University , New Haven, CT, , Available from Avalon Project. Retrieved from

In this essay, the author

  • Compares the effects of borrowing money versus raising taxes and concludes that the government can only come to the same conclusion.
  • Describes washington's farewell address, 1796, published by yale law school, yale university, new haven, ct, available from avalon project.
  • Explains how the united states brought people together to face their adversities against england to become what the world calls it today.
Continue ReadingCheck Writing Quality

Harness the Power of AI to Boost Your Grades!

  • Haven't found what you were looking for? Talk to me, I can help!
Continue Reading