On August 4th 1999, the US government announced that for the first time in 25 years, they were going to try and pay down the national debt. The US has had a public debt ever since its inception in 1776, due to debts incurred during the American Revolutionary War against Great Britain.
How Much Debt Does the USA Really Have?
In the past century, this debt has ballooned, currently just over twelve trillion dollars. There are approximately 300 million American citizens, which means that the total debt for every man, woman, and child in America is over $30,000.
During WWII debt passed the $260 billion dollar mark, then stayed relatively stable with inflation until the 1980's. However, during the 80's the debt grew sharply.