The graph shows the federal budget grew between 1980 and 2010. A conclusion that can be drawn from the graph is that the federal government has almost always spent more than it receives.
<u>Further Explanation:-
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<u>The history of United States public debt took place and begins with the time when federal government debt incurred during the period of American revolutionary war which was by first treasurer of United States, Michael Hillegas and it started just after its formation in year 1789</u>. From that time, the public debt of United States has been fluctuating continuously every year. Only during the period of 1835-1836, it did not fluctuate. In order to allow comparisons over last years, Public Debt can be expressed as the ratio of GDP.
In United States if we talk about its historical aspects then the public debt as a chare with regards to GDP has increased during the period of wars as well as during the time of recession and also subsequently it has also declined. Except year of 1835-1836, the public debt has always fluctuated from the time the Constitution of United States was implemented. <u>During the period of American Revolution as well as under the articles of confederation, Government faced big war debts but eventually always lacked power to repay these debts through taxation and import duties. </u>
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Answer Details:
Grade – High School
Subject – Economy
Chapter –American Economy
<u>Keywords </u>–United States, Economy, Debt, American Revolution, World War, Constitution, Public Debt, GDP, Fluctuated, History.