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SUNDAY, AUGUST 4: FULL FAITH AND CREDITProfile America —
Sunday, August 4th.
On this date in 1790, the young federal government issued its first bonds, promising to pay between 3 and 6 percent interest. The borrowed money was used for liquidating state debts related to the Revolutionary War, and assumed by the new national government. At the time, the national debt approached
$75 million. Today, the national debt is put at about
$16 trillion. But we, the people, have a government reflective of its citizens, as Americans individually carry great debt. The percentage of U.S. households with debts declined from 74 percent to 69 percent between 2000 and 2011. But the median amount increased over this period from about
$51,000 to $70,000. You can find current data on the country's economy by downloading the new America's Economy mobile application at
Sources: Kane's Famous First Facts, 3811
www.treasurydirect.gov/govt/reports/pd/histdebt/histdebt_histo1.htm U.S. Census Bureau, News Release, CB13-51
Profile America is produced by the Center for New Media and Promotions of the U.S. Census Bureau. These daily features are available as produced segments, ready to air, on the Internet at
http://www.census.gov (look for "Multimedia Gallery" by the "Newsroom" button).
SOURCE U.S. Census Bureau