#美国国债 The Historical Development of U.S. National Debt

The origin of U.S. national debt can be traced back to the Revolutionary War, when the Continental Congress issued bonds to finance the war. After World War II, the scale of U.S. national debt rapidly expanded, primarily for military and economic reconstruction. After the 1980s, deficit fiscal policies led to a surge in debt. Following the 2008 financial crisis and the COVID-19 pandemic in 2020, the U.S. government stimulated the economy through massive bond issuance, causing the debt level to exceed historical records. Today, national debt has become the core of the U.S. fiscal system, but its rapid growth has also raised concerns about future repayment ability.