The national debt of the United States is the total national debt owed by the federal government of the United States to Treasury security holders. The national debt at any point in time is the face value of the then-outstanding Treasury securities that have been issued by the Treasury and other federal agencies. The terms "national deficit" and "national surplus" usually refer to the federal government budget balance from year to year, not the cumulative amount of debt. In a deficit year the national debt increases as the government needs to borrow funds to finance the deficit, while in a surplus year the debt decreases as more money is received than spent, enabling the government to reduce the debt by buying back some Treasury securities. In general, government debt increases as a result of government spending and decreases from tax or other receipts, both of which fluctuate during the course of a fiscal year. There are two components of gross national debt:
"Debt held by the public" – such as Treasury securities held by investors outside the federal government, including those held by individuals, corporations, the Federal Reserve, and foreign, state and local governments.
"Debt held by government accounts" or "intragovernmental debt" – is non-marketable Treasury securities held in accounts of programs administered by the federal government, such as the Social Security Trust Fund. Debt held by government accounts represents the cumulative surpluses, including interest earnings, of various government programs that have been invested in Treasury securities.
Historically, the U.S. public debt as a share of gross domestic product (GDP) increases during wars and recessions and then subsequently declines. The ratio of debt to GDP may decrease as a result of a government surplus or via growth of GDP and inflation. For example, debt held by the public as a share of GDP had peaked just after World War II (113% of GDP in 1945), but has since reached new highs of up to 134.84% of GDP during the second quarter of 2020.
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The war on terror, officially the Global War on Terrorism (GWOT), is a global counterterrorism military campaign initiated by the United States following the September 11 attacks and is also the most recent global conflict spanning multiple wars. The main targets of the campaign were militant Islamist and Salafi jihadist armed organisations such as al-Qaeda, the Islamic State, and their international affiliates, which were waging military insurgencies to overthrow governments of various Muslim-majority countries.
Donald Trump's tenure as the 45th president of the United States began with his inauguration on January 20, 2017, and ended on January 20, 2021. Trump, a Republican from New York City, took office following his Electoral College victory over Democratic nominee Hillary Clinton in the 2016 presidential election, in which he lost the popular vote to Clinton by nearly three million votes. Upon his inauguration, he became the first president in American history without prior public office or military background.
The War in Afghanistan was an armed conflict from 2001 to 2021. It began when an international military coalition led by the United States launched an invasion of Afghanistan, toppling the Taliban-ruled Islamic Emirate and establishing the internationally recognized Islamic Republic three years later. The conflict ultimately ended with the 2021 Taliban offensive, which overthrew the Islamic Republic, and re-established the Islamic Emirate.
The policy response to the recent financial crisis has broadly focused on two themes: 1) Increasing the banking sectorsâ resilience to future financial shocks: 2) Improving credit availability to households and firms via lowering both short and long-term ...
This paper explores the transmission of "news shocks" in a model of the housing market and shows that anticipated signals or beliefs of future macroeconomic developments can generate boom-bust cycles in the housing market and lead to business cycle fluctua ...
2017
Housing equity is an important component of borrowers’ wealth and a critical determinant of their vulnerability to shocks. In this article, the authors use a unique, newly created data set to analyze the evolution of household leverage—defined here as the ...