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Full Faith and Credit

August 4, 2014

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Profile America — Monday, August 4th. On this date in 1790, the young federal government issued its first bonds, promising to pay between 3 and 6 percent interest. The borrowed money was used for liquidating state debts related to the Revolutionary War and assumed by the new national government. At the time, the national debt was over $71 million. Today, the national debt is put at nearly $18 trillion. But we, the people, have a government reflective of its citizens, as Americans individually carry great debt. The percentage of U.S. households with debts declined from 74 percent to 69 percent between 2000 and 2011. But the median amount increased over this period from about $51,000 to $70,000. You can find more facts about America's people, places and economy from the American Community Survey at http://www.census.gov.

Sources:
Kane's Famous First Facts, 3811
http://www.treasurydirect.gov/govt/reports/pd/histdebt/histdebt_histo1.htm
http://www.treasurydirect.gov/govt/reports/pd/account/2013/2013_sep.pdf
http://www.census.gov/newsroom/releases/archives/income_wealth/cb13-51.html


Source: U.S. Census Bureau | Public Information Office | Last Revised: July 30, 2014