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It's My Life (Bon Jovi song)
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This article is about Bon Jovi's song. For other uses, see It's My Life (disambiguation).
"It's My Life"
Single by Bon Jovi
from the album Crush
Released
May 23, 2000
Format
CD single
Recorded
2000
Genre
Pop rock[1]
Length
3:44
Label
Island
Songwriter(s)
Jon Bon Jovi
Richie Sambora
Max Martin
Producer(s)
Luke Ebbin
Jon Bon Jovi
Richie Sambora
Bon Jovi singles chronology
"Real Life"
(1999) "It's My Life"
(2000) "Say It Isn't So"
(2000)
"Real Life"
(1999) "It's My Life"
(2000) "Say It Isn't So"
(2000)
Music video
"It’s My Life" (official) on YouTube
Audio sample
file
help
Alternative cover
"It's My Life" is song by American rock band Bon Jovi. It was released on May 23, 2000 as the lead single from their seventh studio album, Crush (2000). The song was written and produced by Jon Bon Jovi, Richie Sambora, and Max Martin, and co-produced by Luke Ebbin.
The song peaked at number one in Austria, Belgium (Flanders), Italy, the Netherlands, Romania, Spain, and Switzerland while it charted within the top 10 across several other countries (although it only reached at number 33 in the US Billboard Hot 100).[2] Though the band had moved away from the glam-oriented sound with 1992's Keep the Faith, it has the distinction of making Bon Jovi one of the only bands once classified as 1980s glam metal to reach the top 40 in the 2000s, a testament to how the song managed to introduce the band to a new, younger fanbase. The song is arguably their most well known post-1980s hit single and it has been performed live at almost all shows since its release. This song appeared on Mitsubishi Motors promotional video in 2001-2004
Contents
[hide]
1 Background
2 Response from fans
3 Music video
4 Track listings and versions
5 Official versions and remixes
5.1 Acoustic version
6 Awards
7 Charts and certifications
7.1 Weekly charts
7.2 Annual charts
7.3 Decade-end charts
7.4 All-time charts
7.5 Certifications
8 See also
9 References
10 External links
Background[edit]
The song has many classic Bon Jovi features, such as Sambora's use of the talk box, and a line in the second verse "For Tommy and Gina, who never backed down" refers to Tommy and Gina, a fictional working class couple that Bon Jovi and Sambora first wrote about in their 1986 hit "Livin' on a Prayer".
"It's My Life" is also notable for its line referencing fellow New Jerseyan Frank Sinatra: "My heart is like an open highway / Like Frankie said / I did it 'My Way'." Jon Bon Jovi and Richie Sambora apparently had a disagreement over those lines, with Bon Jovi recalling:[3]
I had just come home from making U-571 and I said "Sinatra made 16 movies and toured 'til he was 80. This is my role model". He [Sambora] said, "You can't write that damn lyric. Nobody cares about Frank Sinatra but you." And I wrote it anyway.
Response from fans[edit]
"Nobody had anticipated the song 'It's My Life'," noted Jon Bon Jovi in 2007. "Except us. We knew we had a hit."[4] The song became an anthem that appealed to many fans. As Bon Jovi later stated:[5] "I thought I was writing very self-indulgently about my own life and where I was in it. I didn't realize that the phrase 'It's My Life' would be taken as being about everyone – by teenagers, by older guys, mechanics, whatever. 'It's my life, and I'm taking control.' Everyone kind of feels that way from time to time."
Music video[edit]
The music video was directed by Wayne Isham. Will Estes (as Tommy) and Shiri Appleby (as Gina) are the two main characters. At the beginning, Tommy is watching a video of a Bon Jovi concert on his computer when he is ordered by his mother to take out the trash. Suddenly, Gina calls, and Tommy starts running down to his apartment and obediently takes out the trash. He then runs through the streets of Los Angeles up to the concert, getting chased by dogs, running a marathon, posing for pictures, and jackknifing a truck. The video was inspired by the film Run Lola Run.[6] Jon Bon Jovi met Estes on the set of U-571 and chose him to be in the video. The music video features the 2nd Street Tunnel as one of the main settings.
It is the most viewed video for Bon Jovi on YouTube, with over 600 million views as of June 2018.
Track listings and versions[edit]
Major formats released for "It's My Life":
German CD Single Pt. 1 (562754)
(Released: May 23, 2000)
"It's My Life" (Main version) — 3:46
"Hush" (Demo version) — 3:48
"You Can't Lose at Love" (Demo version) — 4:44
"Someday I'll Be Saturday Night" (Enhanced Video Clip)
Recorded live at the Sanctuary II, New Jersey Web Concert on February 10, 1999. Directed by Tony Bongiovi.
UK CD Single Pt. 1 (562752)
(Released: 2000)
"It's My Life" (Main version) — 3:46
"Hush" (Demo version) — 3:48
"You Can't Lose at Love" (Demo version) — 4:44
Includes Poster.
Australian CD Single (562756)
(Released: May 23, 2000)
"It's My Life" (Main version) — 3:46
"Hush" (Demo version) — 3:48
"You Can't Lose at Love" (Demo version) — 4:44
"I Don't Want to Live Forever" (Demo version) — 4:27
"Someday I'll Be Saturday Night" (Enhanced Video Clip)
Recorded live at the Sanctuary II, New Jersey Web Concert on February 10, 2000. Directed by Tony Bongiovi.
German CD Single Pt. 2 (562755)
(Released: May 23, 2000)
"It's My Life" (Dave Bascombe Mix) — 3:44
"Temptation" (Demo version) — 3:48
"I Don't Want to Live Forever" (Demo version) — 4:27
"Livin' on a Prayer" (Enhanced Video Clip)
Recorded live at the Sanctuary II, New Jersey Web Concert on February 10, 2000.
UK CD Single Pt. 2 (562768)
(Released: 2000)
"It's My Life" (Dave Bascombe Mix) — 3:44
"Temptation" (Demo version) — 3:48
"I Don't Want to Live Forever" (Demo version) — 4:27
"It's My Life" (Enhanced Video Clip)
Dutch CD Single (9815274)
(Released: January 26, 2004)
"It's My Life" (Acoustic version) — 3:41
"Wanted Dead or Alive" (Demo version) — 3:42
"Joey" (Live version) — 5:03
Recorded live on January 19, 2003 in Yokohama Arena, Japan.
4. "Wanted Dead or Alive" (Enhanced Video Clip)
Official versions and remixes[edit]
The following versions and remixes were commercially released.
Main version — 3:46
Acoustic version — 3:41
Dave Bascombe Mix — 3:44
Acoustic version[edit]
A much slower, acoustic ballad version of the song is featured on Bon Jovi's 2003 album This Left Feels Right, a collection of their greatest hits that were adapted into new formats. This version was also released as a single.
Awards[edit]
Won:
"Video of the Year" at the VH1 My Music Awards[7]
Chosen as one of the greatest songs of the year at the ASCAP Pop Music Awards
Nominated:
"Best Rock Performance by a Duo or Group with Vocal" at the 43rd Grammy Awards, but lost to U2's "Beautiful Day"
Charts and certifications[edit]
Weekly charts[edit]
Chart (2000–01)
Peak
position
Australia (ARIA)[8]
5
Austria (Ö3 Austria Top 40)[9]
1
Belgium (Ultratop 50 Flanders)[10]
1
Belgium (Ultratop 50 Wallonia)[11]
6
Brazil (ABPD)[12]
54
Canada (Nielsen SoundScan)[13]
17
Europe (European Hot 100 Singles)[14]
1
Finland (Suomen virallinen lista)[15]
6
France (SNEP)[16]
14
Germany (Official German Charts)[17]
2
Hungary (Single Top 40)[18]
6
Ireland (IRMA)[19]
5
Italy (FIMI)[20]
1
Netherlands (Dutch Top 40)[21]
1
Netherlands (Single Top 100)[22]
1
Norway (VG-lista)[23]
3
Poland (Polish Singles Chart)[24]
2
Romania (Romanian Top 100)[25]
1
Scotland (Official Charts Company)[26]
3
Spain (PROMUSICAE)[27]
1
Sweden (Sverigetopplistan)[28]
2
Switzerland (Schweizer Hitparade)[29]
1
UK Singles (Official Charts Company)[30]
3
US Billboard Hot 100[31]
33
US Adult Top 40 (Billboard)[32]
11
US Latin Pop Songs (Billboard)[33]
40
US Mainstream Top 40 (Billboard)[34]
14
Annual charts[edit]
Country
Position
Weeks
on chart
Australia[35] 24 16[36]
Austria[37] 2 34[36]
Belgium (Flanders)[38] 8 21[36]
Belgium (Wallonia)[39] 19 19[36]
France[40] 29 38[36]
Germany[41] 5 31[42]
Sweden[43] 5 21[36]
Switzerland[44] 3 33[36]
Decade-end charts[edit]
Year (2000–2009)
Position
German Singles Chart[45] 53
All-time charts[edit]
Chart
Position
Australia (ARIA)[46] 743
Switzerland (Schweizer Hitparade)[47] 381
Certifications[edit]
Region
Certification
Certified units/Sales
Australia (ARIA)[48]
Platinum 70,000^
Austria (IFPI Austria)[49]
Platinum 50,000*
Belgium (BEA)[50]
Platinum 50,000*
France (SNEP)[51]
Gold 250,000*
Germany (BVMI)[52]
Platinum 500,000^
Italy (FIMI)[53]
Gold 25,000*
Netherlands (NVPI)[54]
Gold 40,000^
Sweden (GLF)[55]
Platinum 30,000^
Switzerland (IFPI Switzerland)[56]
Platinum 50,000^
United Kingdom (BPI)[57]
Platinum 600,000^
United States (RIAA)[58]
2× Platinum 2,000,000^
*sales figures based on certification alone
^shipments figures based on certification alone
See also[edit]
List of number-one hits of 2000 (Austria)
List of Dutch Top 40 number-one singles of 2000
List of number-one hits of 2000 (Italy)
List of number-one singles of 2000 (Spain)
List of Romanian Top 100 number ones of the 2000s
List of number-one singles of the 2000s (Switzerland)
References[edit]
Jump up ^ https://www.rollingstone.com/music/lists/readers-poll-10-best-bon-jovi-songs-w448920/its-my-life-w448926
Jump up ^ "AllMusic (Bon Jovi charts & awards) Billboard singles". AllMusic.
Jump up ^ "Jon Bon Jovi recalls "It's My Life"". The Rock Radio. October 21, 2005. Retrieved 2009-01-26.
Jump up ^ Blake, Mark (August 2007). "My brilliant career: Jon Bon Jovi". Q #253. p. 68.
Jump up ^ "Bon Jovi Popularity Soars in Germany". Deutsche Welle. October 12, 2005. Archived from the original on October 4, 2007. Retrieved January 26, 2009.
Jump up ^ Alex Gernandt: Bon Jovi, 2. edition, Goldmann, München 2001, ISBN 3-442-42851-3, p 261
Jump up ^ "Creed, Hill Lead My VH1 Awards". Billboard. Retrieved 2010-10-10.
Jump up ^ "Australian-charts.com – Bon Jovi – It's My Life". ARIA Top 50 Singles. Retrieved November 3, 2012.
Jump up ^ "Austriancharts.at – Bon Jovi – It's My Life" (in German). Ö3 Austria Top 40. Retrieved November 3, 2012.
Jump up ^ "Ultratop.be – Bon Jovi – It's My Life" (in Dutch). Ultratop 50. Retrieved November 3, 2012.
Jump up ^ "Ultratop.be – Bon Jovi – It's My Life" (in French). Ultratop 50. Retrieved November 3, 2012.
Jump up ^ "Brazil" (PDF). ABPD. October 6, 2001. Retrieved April 1, 2014.
Jump up ^ Billboard magazine (2000). "Billboard charts". All Music Guide. Retrieved 2009-01-26.
Jump up ^ Sexton, Paul (July 10, 2000). "Corrs Bump Eminem From Top Of U.K. Chart". Billboard. Retrieved November 3, 2012.
Jump up ^ "Bon Jovi: It's My Life" (in Finnish). Musiikkituottajat – IFPI Finland. Retrieved November 3, 2012.
Jump up ^ "Lescharts.com – Bon Jovi – It's My Life" (in French). Les classement single. Retrieved November 3, 2012.
Jump up ^ "Offiziellecharts.de – Bon Jovi – It's My Life". GfK Entertainment Charts. Retrieved November 3, 2012.
Jump up ^ "Archívum – Slágerlisták – MAHASZ" (in Hungarian). Single (track) Top 40 lista. Magyar Hanglemezkiadók Szövetsége. Retrieved November 3, 2012.
Jump up ^ "Chart Track: Week 25, 2000". Irish Singles Chart. Retrieved November 3, 2012.
Jump up ^ "Italiancharts.com – Bon Jovi – It's My Life". Top Digital Download. Retrieved November 3, 2012.
Jump up ^ "Nederlandse Top 40 – Bon Jovi" (in Dutch). Dutch Top 40.
Jump up ^ "Dutchcharts.nl – Bon Jovi – It's My Life" (in Dutch). Single Top 100. Retrieved November 3, 2012.
Jump up ^ "Norwegiancharts.com – Bon Jovi – It's My Life". VG-lista. Retrieved November 3, 2012.
Jump up ^ "Nielsen Music Control". Archived from the original on 2007-10-18.
Jump up ^ "Topul anului 2000" (in Romanian). Romanian Top 100. Archived from the original on 22 January 2005. Retrieved 1 September 2017.
Jump up ^ "Official Scottish Singles Sales Chart Top 100". Official Charts Company. Retrieved November 3, 2012.
Jump up ^ "Hits of the World - Spain". Billboard: 67. July 15, 2000. Retrieved November 3, 2012.
Jump up ^ "Swedishcharts.com – Bon Jovi – It's My Life". Singles Top 100. Retrieved November 3, 2012.
Jump up ^ "Swisscharts.com – Bon Jovi – It's My Life". Swiss Singles Chart. Retrieved November 3, 2012.
Jump up ^ "Official Singles Chart Top 100". Official Charts Company. Retrieved November 3, 2012.
Jump up ^ "Bon Jovi Chart History (Hot 100)". Billboard. Retrieved November 3, 2012.
Jump up ^ "Bon Jovi Chart History (Adult Pop Songs)". Billboard. Retrieved November 3, 2012.
Jump up ^ "Bon Jovi Chart History (Latin Pop Songs)". Billboard. Retrieved November 3, 2012.
Jump up ^ "Bon Jovi Chart History (Pop Songs)". Billboard. Retrieved November 3, 2012.
Jump up ^ "Australian year-end chart". ARIA. 2000. Retrieved 2009-01-26.
^ Jump up to: a b c d e f g Hit Parade (2000). "International charts". Retrieved 2009-01-26.
Jump up ^ Austrian Charts (2000). "Austrian Annual Chart". Archived from the original on 2011-05-22. Retrieved 2009-01-26.
Jump up ^ Ultra Top (2000). "Flemish Annual Chart". Retrieved 2009-01-26.
Jump up ^ Ultra Top (2000). "Walloon Annual Chart". Retrieved 2009-01-26.
Jump up ^ Syndicat national de l'édition phonographique (2000). "French Annual Chart". Disque En France. Archived from the original on 2009-03-04. Retrieved 2009-01-26.
Jump up ^ Universität Würzburg (2000). "German Annual Chart". ki.informatik.uni-wuerzburg.de. Retrieved 2009-01-26.
Jump up ^ Mariah-Charts (2000). "Weekly Charts". Retrieved 2009-01-10.
Jump up ^ Sverigetopplistan (2000). "Swedish charts". Retrieved 2009-01-26.
Jump up ^ Hit Parade (2000). "Swiss Annual Chart". Archived from the original on 2011-06-13. Retrieved 2009-01-26.
Jump up ^ "Die ultimative Chart Show | Hits des neuen Jahrtausends | Download". RTL.de. Retrieved 2011-10-15.
Jump up ^ "Best of All Time - Singles". Hung Medien. Retrieved August 15, 2016.
Jump up ^ "Ewige Bestenliste - Singles". Hitparade (in German). Hung Medien. Archived from the original on 9 September 2016. Retrieved 14 August 2016.
Jump up ^ "ARIA Charts – Accreditations – 2000 Singles". Australian Recording Industry Association. Retrieved February 28, 2014.
Jump up ^ "Austrian single certifications – Bon Jovi – It's My Life" (in German). IFPI Austria. Retrieved February 28, 2014. Enter Bon Jovi in the field Interpret. Enter It's My Life in the field Titel. Select single in the field Format. Click Suchen
Jump up ^ "Ultratop − Goud en Platina – singles 2000". Ultratop. Hung Medien. Retrieved February 28, 2014.
Jump up ^ "Les Certifications - Bon Jovi - 2000" (in French). Syndicat National de l'Édition Phonographique. Archived from the original on February 28, 2014. Retrieved February 28, 2014.
Jump up ^ "Gold-/Platin-Datenbank (Bon Jovi; 'It's My Life')" (in German). Bundesverband Musikindustrie. Retrieved February 28, 2014.
Jump up ^ "Italian single certifications – Bon Jovi – It's My Life" (in Italian). Federazione Industria Musicale Italiana. Retrieved February 28, 2014.
Jump up ^ "Top 40 - Jaargang nummer 32" (PDF) (in Dutch). Dutch Top 40. Archived from the original (PDF) on January 3, 2015. Retrieved January 3, 2015.
Jump up ^ "Bon Jovi - It's My Life" (in Swedish). Sverigetopplistan. Archived from the original on February 28, 2014. Retrieved February 28, 2014.
Jump up ^ "The Official Swiss Charts and Music Community: Awards (Bon Jovi; 'It's My Life')". IFPI Switzerland. Hung Medien. Retrieved February 28, 2014.
Jump up ^ "British single certifications – Bon Jovi – It's My Life". British Phonographic Industry. Retrieved February 28, 2014. Select singles in the Format field. Select Platinum in the Certification field. Enter It's My Life in the search field and then press Enter.
Jump up ^ "American single certifications – Bon Jovi – It's My Life". Recording Industry Association of America. Retrieved October 26, 2015. If necessary, click Advanced, then click Format, then select Single, then click SEARCH
External links[edit]
Bon Jovi — Official Website.
Lyrics of this song at MetroLyrics
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Destination Anywhere (Jon Bon Jovi)
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The Power Station Years: The Unreleased Recordings (Jon Bon Jovi)
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History of the United States public debt
From Wikipedia, the free encyclopedia
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This article needs to be updated. Please update this article to reflect recent events or newly available information. (January 2017)
Federal debt held by the public as a percentage of gross domestic product, from 1790 to 2013, projected to 2038.
The history of the United States public debt started with federal government debt incurred during the American Revolutionary War by the first U.S treasurer, Michael Hillegas, after its formation in 1789. The United States has continuously had a fluctuating public debt since then, except for about a year during 1835–1836. To allow comparisons over the years, public debt is often expressed as a ratio to gross domestic product (GDP). Historically, the United States public debt as a share of GDP has increased during wars and recessions, and subsequently declined.
The United States public debt as a percentage of GDP reached its highest level during Harry Truman's first presidential term, during and after World War II. Public debt as a percentage of GDP fell rapidly in the post-World War II period, and reached a low in 1973 under President Richard Nixon. Debt as a share of GDP has consistently increased since then, except during the terms of presidents Jimmy Carter and Bill Clinton. Public debt rose during the 1980s, as President Reagan cut tax rates and increased military spending. It fell during the 1990s, due to decreased military spending, increased taxes and the 1990s boom. Public debt rose sharply in the wake of the 2007–08 financial crisis and the resulting significant tax revenue declines and spending increases.
Contents
[hide]
1 Early history
1.1 1790s
1.2 The assumption issue
1.3 1790s to 1910
2 World War I and Great Depression
3 After World War II
3.1 2011 credit rating downgrade
4 Changes in debt by political affiliation
5 Causes of recent changes in debt
5.1 2001 vs. 2009
5.2 2001 vs. 2011
5.3 2008 vs. 2009
6 Historical debt levels
6.1 Gross federal debt
6.2 Publicly held debt
7 Federal spending, federal debt and GDP
8 See also
9 Notes
10 References
11 External links
Early history[edit]
Alexander Hamilton's First Report on the Public Credit, January 9, 1790
1790s[edit]
Except for about a year during 1835–1836, the United States has continuously had a fluctuating public debt since its Constitution went into effect on March 4, 1789. During the American Revolution, the Continental Congress, under the Articles of Confederation, amassed huge war debts, but lacked the power to repay these obligations through taxation or duties on imports.[1][2]
On the founding of the United States, the financial affairs of the new federation were in disarray, exacerbated by an economic crisis in urban commercial centers.[3] In 1790, Secretary of the Treasury Alexander Hamilton pushed for Congress to pass a financial plan, called the First Report on the Public Credit,[4] a controversial part of which involved the federal government assuming state debts incurred during the Revolutionary War.[5] Northern states had accumulated a huge amount of debt during the war, amounting to $21.5 million, and wanted the federal government to assume their burden. The Southern states, which had lower or no debts, whose citizens would effectively pay a portion of this debt if the federal government assumed it, were disinclined to accept the proposal. Some states, including Virginia, had already paid off almost half of their debts, and felt that their taxpayers should not be assessed again to bail out the less provident, and further argued that the plan was beyond the constitutional power of the new government. James Madison, then a representative from Virginia, led a group of legislators from the South in blocking the provision and prevent the plan from gaining approval. Jefferson supported Madison[6] The plan was finally adopted as part of the Compromise of 1790, as the Funding Act of 1790. The compromise meant that the state debts were all picked up by the federal Treasury, and the permanent national capital would be located in the South, along the Virginia-Maryland border in what became the District of Colombia.
The assumption issue[edit]
Historian Max M. Edling has explained how assumption worked. It was the critical issue; the location of the capital was a bargaining ploy. Hamilton proposed that the federal Treasury take over and pay off all the debt that states had incurred to pay for the American Revolution. The Treasury would issue bonds that rich people would buy, thereby giving the rich a tangible stake in the success of the national government. Hamilton proposed to pay off the new bonds with revenue from a new tariff on imports. Jefferson originally approved the scheme, but Madison had turned him around by arguing that federal control of debt would consolidate too much power in the national government. Edling points out that after its passage in 1790, the assumption was accepted. Madison did try to pay speculators below 100%, but they were paid the face value of the state debts they held regardless of how little they paid for them. When Jefferson became president he continued the system. The credit of the U.S. was solidly established at home and abroad, and Hamilton was successful in signing up many of the bondholders in his new Federalist Party. Good credit allowed Jefferson's Treasury Secretary Albert Gallatin to borrow in Europe to finance the Louisiana Purchase in 1803, as well as to borrow to finance the War of 1812.[7]
The Southern states extracted a major concession from Hamilton in the recalculation of their debt under the fiscal plan.[8] For example, in the case of Virginia, a zero-sum arrangement was contrived, in which Virginia paid $3.4 million to the federal government, and received exactly that amount in federal compensation.[9] The revision of Virginia’s debt, coupled with Potomac residence issue, ultimately netted it over $13 million.[10] Another result of federal assumption of state debts was to give the federal government much more power by placing the country's most serious financial obligation in the hands of the federal government rather than the state governments. The federal government was able to avoid competing in interest with the States.
The debts of the federal government on January 1, 1791 amounted to $75,463,476.52, of which about $40 million was domestic debt, $12 million was foreign debt, and $18.3 million were state debts assumed by the federal government, of the $21.5 million that had been authorized.[11]
1790s to 1910[edit]
To reduce the debt, from 1796 to 1811 there were 14 budget surpluses and 2 deficits. There was a sharp increase in the debt as a result of the War of 1812. In the 20 years following that war, there were 18 surpluses. The United States actually paid off its debt entirely in January 1835, only to begin accruing debt anew by 1836 (the debt on January 1, 1836 was $37,000).[12][13]
Another sharp increase in the debt occurred as a result of the Civil War. The debt was just $65 million in 1860, but passed $1 billion in 1863 and reached $2.7 billion by the end of the war. During the following 47 years, there were 36 surpluses and 11 deficits. During this period 55% of the national debt was paid off.
World War I and Great Depression[edit]
Debt increased again during World War I (1914–1918), reaching $25.5 billion at its conclusion. Approximately $17 billion in debt was raised through the selling of Liberty Bonds to the general public to finance the U.S.'s military effort. The war was followed by 11 consecutive surpluses that saw the debt reduced by 36% by the end of the 1920s.[14]
Warren G. Harding was elected president in 1920 and believed the federal government should be fiscally managed in a way similar to private sector businesses. He had campaigned in 1920 on the slogan, "Less government in business and more business in government."[15] Under Harding, federal spending declined from $6.3 billion in 1920 to $5 billion in 1921 and $3.3 billion in 1922. Over the course of the 1920s, under the leadership of Calvin Coolidge, the national debt was reduced by one third.[16] The decrease was even greater when the growth in GDP and inflation is taken into account.
Debt held by the public was $15.05 billion or 16.5% of GDP in 1930. When Franklin D. Roosevelt took office in 1933, the public debt was almost $20 billion, 20% of GDP. Decreased tax revenues and spending on social programs during the Great Depression increased the debt and by 1936, the public debt had increased to $33.7 billion, approximately 40% of GDP.[17] During its first term, the Roosevelt administration ran large annual deficits of between 2 and 5% of GDP. By 1939, the debt held by the public had increased to $39.65 billion or 43% of GDP. The buildup and involvement in World War II during the presidencies of F.D. Roosevelt and Harry S. Truman led to the largest increase in public debt. Public debt rose over 100% of GDP to pay for the mobilization before and during the war. Public debt was $251.43 billion or 112% of GDP at the conclusion of the war in 1945 and was $260 billion in 1950. And that's it.
After World War II[edit]
U.S. federal debt held by the public as a percentage of GDP, from 1940 to 2012.
The public debt fell rapidly after the end of World War II under the presidency of Harry S. Truman, as the U.S. and the rest of the world experienced a post-war economic expansion. Unlike previous wars, the Korean War (1950–53) was largely financed by taxation and did not lead to an increase in the public debt.[18]
Growth rates in Western countries began to slow in the mid-1960s. Beginning in the mid-1970s and afterwards, U.S. national debt began to increase faster than GDP.[19][20]
The public debt reached a post-World War II low of 24.6% in 1974.[14][21] In that year, the Congressional Budget and Impoundment Control Act of 1974 reformed the budget process to allow Congress to challenge the president's budget more easily, and, as a consequence, deficits became increasingly difficult to control.[22] National debt held by the public increased from its postwar low of 24.6% of GDP in 1974 to 26.2% in 1980.[23]
Debt held by the public relative to GDP rose rapidly again in the 1980s. President Ronald Reagan's economic policies lowered tax rates (Reagan slashed the top income tax rate from 70% to 28%, although bills passed in 1982 and 1984 later partially reversed those tax cuts.)[22][24] and increased military spending, while congressional Democrats blocked cuts to social programs.[20][22][24][22] As a result, debt as a share of GDP increased from 26.2% in 1980 to 40.9% in 1988,[23] and it continued to rise during the presidency of George H. W. Bush, reaching 48.3% of GDP in 1992.[14][25]
US Federal Debt as Percent of GDP since World War II, with presidential terms marked.
Debt held by the public reached a high of 49.5% of GDP at the beginning of President Clinton's first term. However, it fell to 34.5% of GDP by the end of Clinton's presidency due in part to decreased military spending, increased taxes (in 1990, 1993 and 1997), and increased tax revenue resulting from the 1990s boom.[14][21][26][27][28] The budget controls instituted in the 1990s successfully restrained fiscal action by the Congress and the President and together with economic growth contributed to the budget surpluses at the end of the decade.[29] The surpluses led to a decline in the public debt from about 43% of GDP in 1998 to about 33% by 2001.[29]
In the early 21st century, debt held by the public relative to GDP rose again due in part to the Bush tax cuts and increased military spending caused by the wars in the Middle East and a new entitlement Medicare D program. During the presidency of George W. Bush, debt held by the public increased from $3.339 trillion in September 2001 to $6.369 trillion by the end of 2008.[30][31] In the aftermath of the global financial crisis of 2007–08 and related significant revenue declines and spending increases, debt held by the public increased to $11.917 trillion by the end of July 2013, under the presidency of Barack Obama.[30][32]
2011 credit rating downgrade[edit]
Main article: United States federal government credit-rating downgrade, 2011
On August 5, 2011, the United States debt-ceiling crisis of 2011, the credit rating agency Standard & Poor's downgraded the rating of the federal government from AAA to AA+. It was the first time the U.S. had been downgraded since it was originally given a AAA rating on its debt by Moody's in 1917.[33] BBC News reported that Standard & Poor's had "lost confidence" in the ability of the U.S. government to make decisions.[34]
Changes in debt by political affiliation[edit]
Time series of U.S. public debt overlaid with party affiliation of the President. The upper graph shows the U.S. public debt in trillions of dollars while the lower graph shows the U.S. public debt as a percentage of GDP. (Data are from the 2009 U.S. Budget.)
The President proposes a national budget to Congress, which has final say over the document but rarely appropriates more than what the President requests.[35]
Economist Mike Kimel has noted that the former Democratic Presidents (Bill Clinton, Jimmy Carter, Lyndon B. Johnson, John F. Kennedy, and Harry S. Truman) all reduced public debt as a share of GDP, while the last four Republican Presidents (George W. Bush, George H. W. Bush, Ronald Reagan and Gerald Ford) all oversaw an increase in the country's indebtedness.[36] Economic historian J. Bradford DeLong, observed a contrast not so much between Republicans and Democrats but between Democrats and "old-style Republicans (Eisenhower and Nixon)" on one hand (decreasing debt) and "new-style Republicans" on the other (increasing debt).[37][38] David Stockman, former director of the Office of Management and Budget, blamed the "ideological tax-cutters" of the Reagan administration for the increase of national debt during the 1980s.[39] Former Treasury official Bruce Bartlett attributed the increase in the national debt since the 1980s to the policy of "starve the beast".[40][41] While noting that George H.W. Bush's budget deal in 1990 was one of the reasons for improvement of the fiscal situation in 1990s, Bartlett was highly critical of George W. Bush for creating budget deficits by reducing tax rates and increasing spending in the early 2000s.[42][43]
Causes of recent changes in debt[edit]
Public debt is the cumulative result of budget deficits; that is, government spending exceeding revenues.
2001 vs. 2009[edit]
Causes of change in Federal spending as % GDP 2001–2009 from CBO Data
According to the Congressional Budget Office, the United States last had a budget surplus during fiscal year 2001. From fiscal years 2001 to 2009, spending increased by 6.5% of gross domestic product (from 18.2% to 24.7%) while taxes declined by 4.7% of GDP (from 19.5% to 14.8%). Spending increases (expressed as percentage of GDP) were in the following areas: Medicare and Medicaid (1.7%), defense (1.6%), income security such as unemployment benefits and food stamps (1.4%), Social Security (0.6%) and all other categories (1.2%). Revenue reductions were individual income taxes (−3.3%), payroll taxes (−0.5%), corporate income taxes (−0.5%) and other (−0.4%).
The 2009 spending level was the highest relative to GDP in 40 years, while the tax receipts were the lowest relative to GDP in 40 years. The next highest spending year was 1985 (22.8%), while the next lowest tax year was 2004 (16.1%).[44]
2001 vs. 2011[edit]
Cause of change between CBO's 2001 projection of a $5.6 trillion surplus between 2002–2012 and the $6.1 trillion debt increase that actually occurred.
In June 2012, the Congressional Budget Office summarized the cause of change between its January 2001 estimate of a $5.6 trillion cumulative surplus between 2002 and 2011 and the actual $6.1 trillion cumulative deficit that occurred, an unfavorable "turnaround" or debt increase of $11.7 trillion. Tax rate cuts and slower-than-expected growth reduced revenues by $6.1 trillion and spending was $5.6 trillion higher. Of this total, the CBO attributes 72% to legislated tax rate cuts and spending increases and 27% to economic and technical factors. Of the latter, 56% occurred from 2009 to 2011.[45][46]
The difference between the projected and actual debt in 2011, the budget office said, could be attributed largely to:
$3.5 trillion – Economic changes (including lower than expected tax revenues and higher safety net spending due to recession)
$1.6 trillion – Bush Tax Cuts (EGTRRA and JGTRRA), primarily tax rate cuts but also some smaller spending increases
$1.5 trillion – Increased non-defense discretionary spending
$1.4 trillion – Wars in Afghanistan and Iraq
$1.4 trillion – Incremental interest due to higher debt balances
$0.9 trillion – Obama stimulus and tax cuts (ARRA and Tax Act of 2010)[46]
The U.S. budget situation has deteriorated significantly since 2001, when the CBO forecast average annual surpluses of approximately $850 billion from 2009–2012. The average deficit forecast in each of those years as of June 2009 was approximately $1,215 billion. The New York Times analyzed this roughly $2 trillion "swing", separating the causes into four major categories along with their share:
Recessions or the business cycle (37%);
Policies enacted by President Bush (33%);
Policies enacted by President Bush and supported or extended by President Obama (20%); and
New policies from President Obama (10%).
Several other articles and experts explained the causes of change in the debt position.[47][48][49]
2008 vs. 2009[edit]
In October 2009, the Congressional Budget Office (CBO) gave the reasons for the higher budget deficit in 2009 ($1,410 billion, i.e. $1.41 trillion) over that of 2008 ($460 billion). The major changes included: declines in tax receipt of $320 billion due to the effects of the recession and another $100 billion due to tax rate cuts in the stimulus bill (the American Recovery and Reinvestment Act or ARRA); $245 billion for the Troubled Asset Relief Program (TARP) and other bailout efforts; $100 billion in additional spending for ARRA; and another $185 billion due to increases in primary budget categories such as Medicare, Medicaid, unemployment insurance, Social Security, and Defense – including the war effort in Afghanistan and Iraq. This was the highest budget deficit relative to GDP (9.9%) since 1945.[50] The national debt increased by $1.9 trillion during FY2009, versus the $1.0 trillion increase during 2008.[51]
The Obama Administration also made four significant accounting changes to more accurately report total federal government spending. The four changes were:
Account for the wars in Iraq and Afghanistan ("overseas military contingencies") in the budget, rather than through supplemental appropriations
Assume the Alternative Minimum Tax is indexed for inflation;
Account for the full costs of Medicare reimbursements
Anticipate inevitable expenditures for natural disaster relief
Obama administration officials predicted that these changes will make the debt over ten years look $2.7 trillion larger than it would otherwise appear.[52]
Historical debt levels[edit]
Gross federal debt[edit]
This table lists the U.S. federal debt as a percentage of gross domestic product, or GDP, each year since World War II.[53] The gross federal debt shown below reached 102.7% of GDP at the end of 2012, the most recent figure available; it was the highest percentage since 1945 and the first yearly percentage figure to go over 100% since then. (The gross federal debt in the table includes intra-government debt – that is, money owed by one branch of the federal government to another. When this latter amount is subtracted, the remaining quantity is known as the public debt.)
Congressional session
Years
President
President's party
Debt-to-GDP ratio at start of period
Debt-to-GDP ratio at end of period
Change in debt (in billions of dollars)
Change in debt-to-GDP ratio
(in percentage points)
77–78 1941–1945 Roosevelt Democratic 50.4% 117.5% +203 +67.1
79–80 1945–1949 Roosevelt, Truman Democratic 117.5% 93.1% -8 -24.4
81–82 1949–1953 Truman Democratic 93.1% 71.4% +13 -21.7
83–84 1953–1957 Eisenhower Republican 71.4% 60.4% +6 -11.0
85–86 1957–1961 Eisenhower Republican 60.4% 55.2% +20 -5.2
87–88 1961–1965 Kennedy, Johnson Democratic 55.2% 46.9% +30 -8.3
89–90 1965–1969 Johnson Democratic 46.9% 38.6% +43 -8.3
91–92 1969–1973 Nixon Republican 38.6% 35.6% +101 -3.0
93–94 1973–1977 Nixon, Ford Republican 35.6% 35.8% +177 +0.2
95–96 1977–1981 Carter Democratic 35.8% 32.5% +288 -3.3
97–98 1981–1985 Reagan Republican 32.5% 43.8% +823 +11.3
99–100 1985–1989 Reagan Republican 43.8% 53.1% +1,050 +9.3
101–102 1989–1993 Bush Sr. Republican 53.1% 66.1% +1,483 +13.0
103–104 1993–1997 Clinton Democratic 66.1% 65.4% +1,018 -0.7
105–106 1997–2001 Clinton Democratic 65.4% 56.4% +401 -9.0
107–108 2001–2005 Bush Republican 56.4% 63.5% +2,135 +7.1
109–110 2005–2009 Bush Republican 63.5% 84.2% +3,971 +20.7
111–112 2009–2013 Obama Democratic 84.2% 102.7% +6,061 +18.5
(Source: CBO Historical Budget Page and Whitehouse FY 2012 Budget – Table 7.1 Federal Debt at the End of Year PDF, Excel, Senate.gov)
Notes:
Some of the debt included in this chart for each presidential administration may include debt added under the next presidential administration.[54]
For net jobs changes over the corresponding periods, see: Jobs created during U.S. presidential terms.
Publicly held debt[edit]
U.S. debt from 1940 to 2011. Red lines indicate the "debt held by the public" and black lines indicate the total national debt or gross public debt. The difference is the intragovernmental debt, which includes obligations to government programs such as Social Security. The top panel shows debt deflated to 2010 dollars; the second panel shows debt as a percentage of GDP.
Publicly held debt is the gross debt minus intra-governmental obligations (such as the money that the government owes to the two Social Security Trust Funds, the Old-Age, Survivors, and Disability Insurance program, and the Social Security Disability Insurance program).[55]
Federal spending, federal debt and GDP[edit]
The table below shows annual federal spending, gross federal debt and gross domestic product for specific fiscal years.[56] The government fiscal year runs from October 1 of the previous calendar year to September 30 of the year shown.
Fiscal year
Federal spending
Federal debt
Gross domestic product
Inflation adjuster[57]
Billions[58]
Adjusted[59]
Change
Billions[60]
Adjusted[61]
Change
Billions[62]
Adjusted[63]
Change
1977 $409 $1,040 $705 $1,795 $1,974 $5,019 0.39
1978 $459 $1,093 5.1% $776 $1,850 3.1% $2,217 $5,285 5.3% 0.42
1979 $504 $1,107 1.3% $829 $1,821 −1.5% $2,501 $5,494 4.0% 0.46
1980 $591 $1,175 6.1% $909 $1,808 −0.8% $2,727 $5,422 −1.3% 0.50
1981 $678 $1,219 3.8% $994 $1,787 −1.1% $3,055 $5,492 1.3% 0.56
1982 $746 $1,252 2.6% $1,137 $1,908 6.8% $3,228 $5,417 −1.4% 0.60
1983 $808 $1,294 3.4% $1,371 $2,195 15.0% $3,441 $5,510 1.7% 0.62
1984 $852 $1,300 0.4% $1,564 $2,386 8.7% $3,840 $5,858 6.3% 0.66
1985 $946 $1,396 7.4% $1,817 $2,680 12.3% $4,142 $6,108 4.3% 0.68
1986 $990 $1,426 2.1% $2,120 $3,052 13.9% $4,412 $6,352 4.0% 0.69
1987 $1,004 $1,406 −1.4% $2,345 $3,283 7.6% $4,647 $6,506 2.4% 0.71
1988 $1,065 $1,447 2.9% $2,601 $3,534 7.7% $5,009 $6,806 4.6% 0.74
1989 $1,144 $1,499 3.6% $2,867 $3,757 6.3% $5,401 $7,077 4.0% 0.76
1990 $1,253 $1,590 6.1% $3,206 $4,067 8.3% $5,735 $7,277 2.8% 0.79
1991 $1,324 $1,610 1.3% $3,598 $4,374 7.5% $5,935 $7,215 −0.8% 0.82
1992 $1,382 $1,624 0.9% $4,001 $4,703 7.5% $6,240 $7,334 1.7% 0.85
1993 $1,410 $1,615 −0.5% $4,351 $4,987 6.0% $6,576 $7,536 2.8% 0.87
1994 $1,462 $1,642 1.7% $4,643 $5,216 4.6% $6,961 $7,820 3.8% 0.89
1995 $1,516 $1,662 1.2% $4,920 $5,395 3.4% $7,326 $8,033 2.7% 0.91
1996 $1,561 $1,673 0.7% $5,181 $5,554 3.0% $7,694 $8,248 2.7% 0.93
1997 $1,601 $1,684 0.7% $5,369 $5,647 1.7% $8,182 $8,606 4.3% 0.95
1998 $1,653 $1,721 2.2% $5,478 $5,704 1.0% $8,628 $8,985 4.4% 0.96
1999 $1,702 $1,746 1.5% $5,605 $5,750 0.8% $9,125 $9,361 4.2% 0.97
2000 $1,789 $1,789 2.5% $5,628 $5,628 −2.1% $9,710 $9,710 3.7% 1.00
2001 $1,863 $1,821 1.8% $5,769 $5,638 0.2% $10,058 $9,829 1.2% 1.02
2002 $2,011 $1,929 6.0% $6,198 $5,945 5.5% $10,377 $9,954 1.3% 1.04
2003 $2,160 $2,018 4.6% $6,760 $6,316 6.2% $10,809 $10,099 1.4% 1.07
2004 $2,293 $2,082 3.2% $7,354 $6,677 5.7% $11,500 $10,441 3.4% 1.10
2005 $2,472 $2,165 4.0% $7,905 $6,923 3.7% $12,238 $10,717 2.6% 1.14
2006 $2,655 $2,249 3.9% $8,451 $7,158 3.4% $13,016 $11,024 2.9% 1.18
2007 $2,730 $2,263 0.6% $8,951 $7,419 3.6% $13,668 $11,329 2.8% 1.21
2008 $2,931 $2,366 4.6% $9,654 $7,793 5.0% $14,312 $11,553 0% 1.24
2009* $3,107 $2,452 3.6% $10,413 $8,218 5.5% $14,097 $11,529 2.6% 1.27
2010* $3,091 $2,392 −2.4% $11,875 $9,247 12.5% $14,508 $11,297 −2.0% 1.29
Note: The values for the years 2009, and 2010 represent estimates from the source material.
See also[edit]
First Report on the Public Credit
United States federal budget
Starve the beast (policy)
United States public debt
United States fiscal cliff
2011 U.S. debt ceiling crisis
Government budget by country
I.O.U.S.A., documentary film by Patrick Creadon
Modern Monetary Theory
Unemployment in the United States
List of U.S. state budgets
Continuing resolution
Appropriations bill (United States)
Deficit reduction in the United States
Notes[edit]
Jump up ^ Staloff, Darren. 2005. Hamilton, Adams, Jefferson: The Politics of Enlightenment and the American Founding. Hill and Wang, New York. ISBN 0-8090-7784-1. p. 69.
Jump up ^ Miller, John C. 1960. The Federalists: 1789–1801. Harper & Row, New York. ISBN 9781577660316. p. 37.
Jump up ^ Hofstadter, Richard. 1948. The American Political Tradition and the Men Who Made It. New York: A. A. Knopf. p. 125.
Jump up ^ First Report of the Public Credit, issued on January 9, 1790.
Jump up ^ Stelzer, Irwin (January 10, 2011). "Who Is the Euro Zone's Alexander Hamilton?". Wall Street Journal. Agenda. Retrieved January 10, 2011.
Jump up ^ Ellis 2002, pp. 48–52
Jump up ^ Max M. Edling, "'So immense a power in the affairs of war': Alexander Hamilton and the restoration of public credit." William and Mary Quarterly 64#2 (2007): 287–326. in JSTOR
Jump up ^ Staloff, 2005, pp. 96–97
Jump up ^ Ellis, 2000, p. 73
Jump up ^ Staloff, 2005, pp. 96, 313; Ellis, 2000, pp. 73–74
Jump up ^ Trescott, Paul. "Federal-State Financial Relations, 1790–1860". 15: 227–45. JSTOR 2114655.
Jump up ^ "Bureau of the Public Debt: The 19th Century". Retrieved July 15, 2012.
Jump up ^ Sharockman, Aaron (January 11, 2010). "PolitiFact: Fla. senator says Jan. 8, 1835, is the only day U.S. has been debt free". Retrieved July 15, 2011.
^ Jump up to: a b c d "Historical Data on the Federal Debt". Congressional Budget Office. August 5, 2010. Retrieved August 25, 2012.
Jump up ^ "Warren G. Harding US President – 1921–23". Archived from the original on September 27, 2011. Retrieved January 25, 2011.
Jump up ^ Thomas E. Woods, Jr. (October 8, 2009). "Depression of 1920". Retrieved May 13, 2010.
Jump up ^ Davidson, Paul (April 25, 2010). "Making dollars and sense of the U.S. government debt" (PDF). Retrieved December 15, 2015.
Jump up ^ Austin, D. Andrew (April 29, 2008). "CRS Report for Congress" (PDF).
Jump up ^ Heinberg, Richard (August 2011). The End of Growth. ISBN 978-0-86571-695-7.
^ Jump up to: a b Cooper, Michael; Story, Louise (27 July 2011). "Q. and A. on the U.S. Debt Ceiling". The New York Times. Retrieved 13 March 2017.
^ Jump up to: a b "Federal Debt Held by the Public as a Share of GDP (1797–2010)" (PDF). Government Accountability Office. Retrieved April 16, 2012.
^ Jump up to: a b c d Dennis S. Ippolito. Why Budgets Matter: Budget Policy and American Politics. Penn State Press, 2004. ISBN 978-0-271-02260-4. pp. 185–86
^ Jump up to: a b "Congressional Budget Office – Historical Data on the Federal Debt". cbo.gov. 2010. Retrieved January 3, 2012.
^ Jump up to: a b Sahadi, Jeanne (September 12, 2010). "Taxes: What people forget about Reagan". CNN Money. Retrieved 2011-08-30.
Jump up ^ "Congressional Budget Office – Historical Data on the Federal Debt". cbo.gov. 2010. Retrieved January 3, 2012.
Jump up ^ FactCheck.org : The Budget and Deficit Under Clinton
Jump up ^ Kessler, Glenn (January 24, 2012). "Fact checking the NBC Florida debate". The Washington Post.
Jump up ^ Kessler, Glenn (July 1, 2011). "Barbara Boxer's blatant rewriting of history". The Washington Post.
^ Jump up to: a b Federal Debt: Answers to Frequently Asked Questions: An Upadate – U.S. Government Accountability Office
^ Jump up to: a b United States Department of the Treasury, Bureau of the Public Debt (December 2010). "The debt to the penny and who holds it". TreasuryDirect. Retrieved August 26, 2012.
Jump up ^ "CBO Historical Tables – 1970 to 2010" (PDF). Retrieved May 18, 2011.
Jump up ^ Democracy in America (July 27, 2011). "There never was a surplus". The Economist. Retrieved January 1, 2012.
Jump up ^ "S&P, in historical move, downgrades U.S. credit rating". Xinhua. August 6, 2011. Retrieved August 8, 2011.
Jump up ^ "'No credible plan to cut US debt'". BBC. August 6, 2011. Retrieved August 8, 2011.
Jump up ^ Fisher, Louis (Nov–Dec 1990). "Federal Budget Doldrums: The Vacuum in Presidential Leadership". Public Administration Review. 50 (6): 693–700. doi:10.2307/976984. JSTOR 976984.
Jump up ^ Kimel, Mike (December 4, 2007). "The Republican Party and the National Debt". angrybearblog.com. Retrieved April 15, 2011.
Jump up ^ Brad DeLong (November 20, 2009). "Comparing Debt-to-GDP Ratios with Presidential Terms". Seeking Alpha. Retrieved 2010-08-09. contrast between the Democrats and the old-style Republicans (Eisenhower and Nixon) on the one hand and the new-style Republicans on the other is quite striking.
Jump up ^ Brad DeLong (May 1, 2008). "Short-Term Costs of Long-Run Fiscal Stupidity – Grasping Reality with Both Hands". Delong.typepad.com. Retrieved 2010-08-09.
Jump up ^ Stockman, David (July 31, 2010). "Four Deformations of the Apocalypse". New York Times. nytimes.com. Retrieved 2010-08-09.
Jump up ^ Bartlett, Bruce (May 7, 2011). "Tax Cuts And 'Starving The Beast'". Forbes.com. Retrieved October 22, 2011.
Jump up ^ Bartlett, Bruce (November 26, 2010). "Starve the Beast: Just Bull, not Good Economics". The Fiscal Times. Retrieved 2011-10-22.
Jump up ^ Bartlett, Bruce (April 9, 2009). "We Need A Party of Fiscal Responsibility". Forbes.com. Retrieved 2012-03-14.
Jump up ^ Bartlett, Bruce (June 25, 2010). "A Budget Deal That Did Reduce the Deficit". The Fiscal Times. Retrieved 2012-03-14.
Jump up ^ "The Budget and Economic Outlook: Fiscal Years 2010 to 2020" (PDF). Congressional Budget Office. January 26, 2010.
Jump up ^ Bartlett, Bruce (June 12, 2012). "The Fiscal Legacy of George W. Bush". The New York Times.
^ Jump up to: a b "Changes in CBO's Baseline Projections Since 2001". Congressional Budget Office. June 7, 2012.
Jump up ^ Leonhardt, David (June 9, 2009). "Americas Sea of Red Ink Was Years in the Making". The New York Times. Retrieved May 18, 2011.
Jump up ^ Charlie Rose Show (November 3, 2009). "Peter Orszag Interview". Archived from the original on January 11, 2012. Retrieved May 18, 2011.
Jump up ^ "The Great Debt Shift" (PDF). Pew Charitable Trusts. April 2011. Archived from the original (PDF) on May 5, 2011. Retrieved May 18, 2011.
Jump up ^ "CBO Monthly Budget Review-October 2009" (PDF). October 7, 2009. Retrieved May 18, 2011.
Jump up ^ "Bureau of the Public Debt/Treasury Direct-Debt changes from September 30, 2008 to September 30, 2009". Treasurydirect.gov. Retrieved May 18, 2011.
Jump up ^ Calmes, Jackie (February 20, 2009). "Obama Bans Gimmicks, and Deficit Will Rise". The New York Times. Retrieved May 26, 2010.
Jump up ^ Budget FY2007
Jump up ^ For example, the $862 Billion stimulus of 2009 was passed by Congress under the Obama Administration, but is included in the 2009 debt totals attributed in the chart to George W. Bush.
Jump up ^ Frontline – Ten Trillion and Counting: Defining the Debt
Jump up ^ Budget FY 2009
Jump up ^ Budget FY2009. Addendum: Composite Deflator, p. 26. Divide current dollars by this number to produce value in (constant) FY2000 dollars.
Jump up ^ Budget FY2009. Outlays in current dollars, p. 26.
Jump up ^ Budget FY2009. Outlays in current dollars, p. 26, divided by inflation adjuster.
Jump up ^ Budget FY 2009. Gross Federal Debt in current dollars, p. 127.
Jump up ^ Budget FY 2009. Gross Federal Debt in current dollars, p. 127, divided by inflation adjuster.
Jump up ^ Budget FY2009. GDP (gross domestic product) in current dollars, p. 194.
Jump up ^ Budget FY2009. GDP (gross domestic product) in current dollars, p. 194, divided by inflation adjuster.
References[edit]
Budget of the United States Government, Fiscal Year 2007.
Budget of the United States Government, Fiscal Year 2009.
Budget of the United States Government, Fiscal Year 2012.
External links[edit]
United States National Debt Tracker, including interactive historical graphs and relationship to GDP.
Stephen Bloch. "U.S. Federal Deficits and Presidents". home.adelphi.edu. Retrieved August 9, 2010.
Brad DeLong (November 20, 2009). "Comparing Debt-to-GDP Ratios with Presidential Terms". Seeking Alpha. Retrieved 2010-08-09.
Brad DeLong (May 1, 2008). "Short-Term Costs of Long-Run Fiscal Stupidity – Grasping Reality with Both Hands". Delong.typepad.com. Retrieved 2010-08-09.
Scott Willeke (March 2, 2010). "United States Deficit & Debt During Presidents from 1969–2019". Blog.scott.willeke.com. Retrieved 2010-08-09.
Steve Stoft. "U.S. National Debt Graph: What the Press Won't Tell You". Zfacts.com. Retrieved 2010-08-09.
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