#reasoncom

40 Years of Trillion-Dollar Debt

On October 22, 1981—exactly 40 years ago today—America’s national debt hit $1 trillion for the first time. “If we, as a nation, need a warning,” President Ronald Reagan said in a televised address a few weeks before the country surpassed the 13-figure debt threshold, “let that be it.” Today, the national debt exceeds $28 trillion. In the fiscal year that concluded at the end of last month, the…