From its founding in 1789 there was a $75 million US war debt, but there were differences of opinion based on different fears. George Washington and Alexander Hamilton were expected to pay the debt to France for the Revolutionary War that required tariffs on imports. Thomas Jefferson was focused on improving our agricultural economy and expansion. The founders separated into two Political Parties, Federalists, who supported a strong federal government and Democratic Republicans, who supported stronger state governments and opposed Hamilton’s National Bank to handle debt repayment. They saw banks as part of the private sector and therefore subjected to failure. Banks were not included in enumerated powers in the US Constitution. Senators were elected by state legislators and had to approve Bills submitted by the House. Our 2nd President was John Adams, a Federalist, who paid off the Revolutionary War debt in 1795. Thomas Jefferson was our 3rd President and used the US Bank to handle the $15 million Louisiana Purchase debt to France in 1803. There were always 2 sides to the Bank question. In 1809 James Madison becomes the 4th President of the US. The War of 1812-1815 begins in response to Britain’s seizure of US Merchant ships and crews and resulted in a war debt of $158 million.
The Mexican War 1846-1848 resulted in another $15 million paid to Mexico for their territory. This enabled the US to expand from the Atlantic to the Pacific. The American Civil War 1860-1865 cost was $64.8 million and was finally paid off in 1900.
In 1913, the US amended the Constitution to allow a permanent Income Tax. World War I arrived in 1914 and the US joined in 1917 resulting a $25 billion war debt. World War II arrived in 1939 and the US joined in 1941 resulting in a $258 billion war debt. The Korean War arrived in 1950 and ended in 1953 resulting in a $30 billion war debt.
The Vietnam War began in 1965 and ended in 1975 resulting in a $168 billion war debt. The Korean War began in 1950 and ended in 1953 resulting in a $30 billion war debt. The Kuwait Gulf War began in 1990 resulted in a $9 billion war debt. The Afghanistan War began in 2001 and ended in 2021 with a $2.3 trillion war debt. The Iraq war began in 2003 and ended in 2005 resulting in a $1.922 trillion war debt.
US Military foreign aid for wars aimed at stopping Communist Dictators in foreign countries was all but abandoned after 1975. The Korea war deaths totaled 36,516 and war costs were $30 billion. The Vietnam war deaths totaled 58,220.and costs were $168 billion.
US Military foreign aid for wars aimed at stopping Terrorists and rebuilding Afghanistan and Iraq totaled $4.222 trillion.
The Russian invasion of Ukraine began in 2022 resulting in a $132 billion US war debt. The Iran-backed war against Israel in 2023 has resulted in a $50 billion US war cost to date.
The US National Debt is $37 trillion due to federal government overspending since 200. US inflation is also due to federal government overspending and restricted oil and natural gas production.
The US had a debt-to-gdp ratio
of 110% in 2022 and 123% in 2023.
The UK had 100% in 2022 and
104% in 2023,
Japan had 214%.in 2022 and
255% in 2023
Italy had 140% in 2022 and
144% in 2023.
Germany had 45% in 2022 and
66% in 2023.
China does not share this data
(according to IMF).
Country in 2023
Japan 255%
Greece 168%
Singapore 168%
Italy 144%
G7 Ave 128%
USA 123%
France 110%
Portugal 108%
Spain 107%
Canada 106%
Belgium 106%
UK 104%
Cyprus 79%
Austria 75%
Finland 74%
Slovenia 69%
Germany 66%
https://www.visualcapitalist.com/government-debt-by-country-advanced-economies/#google_vignette
The US needs to cut spending on the climate change hoax and reduce the $1 trillion per year interest payment.
The only way forward is to elect Trump and Republicans in the House and Senate in 2024 to increase drilling and starve Russia and Iran with lower oil prices and total economic isolation. We also need to close the Mexican border and deport illegal immigrants.
Norb Leahy, Dunwoody GA Tea
Party Leader
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