PolicyFortuneabout 3 hours ago
U.S. debt once built a financial superpower
4 min read
U.S. debt is now $39 trillion with $1 trillion annual interest costs. In 1790, Treasury Secretary Alexander Hamilton consolidated Revolutionary War debts into one national debt, establishing U.S. creditworthiness. That decision allowed cheap borrowing, financed the Louisiana Purchase, and built the global Treasury market with over $30 trillion in outstanding securities.
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