Instruct: Given a question, retrieve relevant passages that can help answer the question.
Query: What is the U.S. National Debt?
U.S. household and non-profit net worth exceeded $100 trillion for the first time in Q1 2018; it has been setting records since Q4 2012. The U.S. federal government or "national debt" was $21.1 trillion in May 2018, just over 100% GDP. Using a subset of the national debt called "debt held by the public", U.S. debt was approximately 77% GDP in 2017. By this measure, the U.S. ranked 43rd highest among 2017 nations. Debt held by the public rose considerably as a result of the Great Recession and its aftermath. It is expected to continue rising as the country ages towards 100% GDP by 2028.
Public debt owned by foreigners has increased to approximately 50% of the total or approximately $3.4 trillion. As a result, nearly 50% of the interest payments are now leaving the country, which is different from past years when interest was paid to U.S. citizens holding the public debt. Interest expenses are projected to grow dramatically as the U.S. debt increases and interest rates rise from very low levels in 2009 to more typical historical levels. CBO estimates that nearly half of the debt increases over the 2009–2019 period will be due to interest.
The largest public library in the United States—and the largest library in the world—is the Library of Congress in Washington, D.C., which is the "de facto" national library of the United States. It holds more than 167 million items, including "more than 39 million books and other printed materials, 3.6 million recordings, 14.8 million photographs, 5.5 million maps, 8.1 million pieces of sheet music and 72 million manuscripts." Other than the Library of Congress, the largest public library in the United States is the New York Public Library, while the largest research library in the United States is the Harvard Library.
In the United States, the Long Depression began with the Panic of 1873. The National Bureau of Economic Research dates the contraction following the panic as lasting from October 1873 to March 1879. At 65 months, it is the longest-lasting contraction identified by the NBER, eclipsing the Great Depression's 43 months of contraction. Figures from Milton Friedman and Anna Schwartz show net national product increased 3 percent per year from 1869 to 1879 and real national product grew at 6.8 percent per year during that time frame. However, since between 1869 and 1879 the population of the United States increased by over 17.5 percent, per capita NNP growth was lower. Following the end of the episode in 1879, the U.S. economy would remain unstable, experiencing recessions for 114 of the 253 months until January 1901.
The U.S. hundred-dollar bill has Benjamin Franklin's portrait; the "Benjamin" is the largest U.S. bill in print. American savings bonds of $100 have Thomas Jefferson's portrait, while American $100 treasury bonds have Andrew Jackson's portrait.
"( 7.4218 × 3.125 in ≅ 189 × 79 mm)"
"(6.14 × 2.61 in ≅ 157 × 66 mm)"The Federal Reserve announced the removal of large denominations of United States currency from circulation on July 14, 1969. The one-hundred-dollar bill was the largest denomination left in circulation. All the Federal Reserve Notes produced from "Series 1928" up to before "Series 1969" (i.e. 1928, 1928A, 1934, 1934A, 1934B, 1934C, 1934D, 1950, 1950A, 1950B, 1950C, 1950D, 1950E, 1963, 1966, 1966A) of the $100 denomination added up to $23.1708 billion. Since some banknotes had been destroyed, and the population was 200 million at the time, there was less than one $100 banknote per capita circulating.
The idea for the clock came from New York real estate developer Seymour Durst, who wanted to highlight the rising national debt. In 1989, he sponsored the installation of the first clock, which was originally placed on Sixth Avenue between 42nd and 43rd Streets, one block away from Times Square. In 2004, the original clock was dismantled and replaced by a newer clock near 44th Street and Sixth Avenue. In 2008, as the U.S. national debt exceeded $10 trillion for the first time, it was reported that the value of the debt may have exceeded the number of digits in the clock. The lit dollar-sign in the clock's leftmost digit position was later changed to the "1" digit to represent the ten-trillionth place. In 2017, the clock was moved again to One Bryant Park, near its original location.
The United States one hundred-dollar bill ($100) is a denomination of United States currency. The first United States Note with this value was issued in 1862 and the Federal Reserve Note version was launched in 1914, alongside other denominations. Statesman, inventor, diplomat, and American founding father Benjamin Franklin has been featured on the obverse of the bill since 1914. On the reverse of the banknote is an image of Independence Hall in Philadelphia, which has been used since 1928. The $100 bill is the largest denomination that has been printed and circulated since July 13, 1969, when the denominations of $500, $1,000, $5,000, and $10,000 were retired. The Bureau of Engraving and Printing says the average life of a $100 bill in circulation is 90 months (7.5 years) before it is replaced due to wear and tear.
In the United States, economists typically refer to the Long Depression as the Depression of 1873–1879, kicked off by the Panic of 1873, and followed by the Panic of 1893, book-ending the entire period of the wider Long Depression. The National Bureau of Economic Research dates the contraction following the panic as lasting from October 1873 to March 1879. At 65 months, it is the longest-lasting contraction identified by the NBER, eclipsing the Great Depression's 43 months of contraction. In the United States, from 1873 to 1879, 18,000 businesses went bankrupt, including 89 railroads. Ten states and hundreds of banks went bankrupt. Unemployment peaked in 1878, long after the initial financial panic of 1873 had ended. Different sources peg the peak U.S. unemployment rate anywhere from 8.25% to 14%.
They were first issued in 1914, different from the Federal Reserve Bank Notes in that they were liabilities of the whole Federal Reserve System. They were redeemable in gold until 1933. After that date they stopped to be redeemable in anything, much like United States Notes (which later led to the halting of the production of United States Notes). They switched to small size in 1929 and are the only type of currency in circulation today in the United States. They were originally printed in denominations of $5, $10, $20, $50, $100, $500, $1,000, $5,000 and $10,000. The $500, $1,000, $5,000 and $10,000 denominations were last printed in 1945 and discontinued in 1969, making the $100 bill the largest denomination banknote in circulation. A $1 note was added in 1963 to replace the $1 Silver Certificate after that type of currency had been discontinued. Since United States Notes were discontinued in 1971, Federal Reserve Notes are the only type of currency circulating in the US. In 1976, a $2 note was added, 10 years after the $2 denomination of United States Note was officially discontinued. The denomination proved to be unpopular and is now treated as a curiosity, although it is still being printed. Starting 1996, all notes except $1 and $2 were redesigned to have a larger portrait of the people depicted on them. Since 2004, all notes (except $1 and $2) were progressively changed to have different colors to make them more easily distinguishable from each other, until the last such note was introduced in 2013 (the $100).
Deflation occurred periodically in the U.S. during the 19th century (the most important exception was during the Civil War). This deflation was at times caused by technological progress that created significant economic growth, but at other times it was triggered by financial crises — notably the Panic of 1837 which caused deflation through 1844, and the Panic of 1873 which triggered the Long Depression that lasted until 1879. These deflationary periods preceded the establishment of the U.S. Federal Reserve System and its active management of monetary matters. Episodes of deflation have been rare and brief since the Federal Reserve was created (a notable exception being the Great Depression) while U.S. economic progress has been unprecedented.
The net worth of Donald Trump, the 45th president of the United States, stood at $3.1 billion as of 2018, according to "Forbes". Various organizations have estimated and investigated Trump's wealth. Trump has often stated higher values for his wealth than organizations estimating it.
Gross domestic product (GDP) is a measure of aggregate output. Nominal GDP in a particular period reflects prices which were current at the time, whereas real GDP compensates for inflation. Price indices and the U.S. National Income and Product Accounts are constructed from bundles of commodities and their respective prices. In the case of GDP, a suitable price index is the GDP price index. In the U.S. National Income and Product Accounts, nominal GDP is called "GDP in current dollars" (that is, in prices current for each designated year), and real GDP is called "GDP in [base-year] dollars" (that is, in dollars that can purchase the same quantity of commodities as in the base year).
The bill required that the Association pay for the half dollars at par, and that the dies and other costs of preparation not be at the expense of the United States. The figure of six million was the largest in American commemorative history, exceeding the five million for the Stone Mountain issue. Congress placed no restriction on which mint should strike the coins, and did not put a time limit on the authorization. According to numismatists Anthony Swiatek and Walter Breen in their encyclopedia of US commemoratives, the bill passed "possibly because the stated purpose was nationalistic rather than obscurely local". Coin dealer and author Q. David Bowers states that "on the surface the motivation seemed to be good enough ... doubtless many American citizens had family ties to the famous migration".
Paul also stated, "why do we have 900 bases in 130 countries and we're totally bankrupt. How do you rebuild a military when we have no money? How are we going to take care of the people? I think this wild goal to have another war in the name of defense is the dangerous thing. The danger is really us overreacting. We need a strong national defense, and we need to only go to war with a declaration of war." Later in the debate, Rick Perry received attention when he called himself the "Tim Tebow of the Iowa caucuses," when asked how he would compete against President Barack Obama in a general election debate.
Acceptance of the Austrian explanation of what primarily caused the Great Depression is compatible with either acceptance or denial of the Monetarist explanation. Austrian economist Murray Rothbard, who wrote "America's Great Depression" (1963), rejected the Monetarist explanation. He criticized Milton Friedman's assertion that the central bank failed to sufficiently increase the supply of money, claiming instead that the Federal Reserve did pursue an inflationary policy when, in 1932, it purchased $1.1 billion of government securities, which raised its total holding to $1.8 billion. Rothbard says that despite the central bank's policies, "total bank reserves only rose by $212 million, while the total money supply fell by $3 billion". The reason for this, he argues, is that the American populace lost faith in the banking system and began hoarding more cash, a factor very much beyond the control of the Central Bank. The potential for a run on the banks caused local bankers to be more conservative in lending out their reserves, which, according to Rothbard's argument, was the cause of the Federal Reserve's inability to inflate.
From 2017, the largest denomination is the 50,000 soʻm banknote (early 2018 worth $6), which made the situation easier. The smallest denomination, the 1 tiyin, is only worth 1/2900 cent U.S. making it the "world's most worthless coin". However, coins and banknotes smaller than 25 soʻm are rare now.
The dollar coin is a United States coin worth one United States dollar. It is the second largest U.S. coin currently minted for circulation in terms of physical size, with a diameter of 1.043 inches (26.5 mm) and a thickness of .079 inches (2 mm), coming second to the half dollar. Dollar coins have been minted in the United States in gold, silver, and base metal versions. Dollar coins were first minted in the United States in 1794. The term silver dollar is often used for any large white metal coin issued by the United States with a face value of one dollar, whether or not it contains some of that metal. While true gold dollars are no longer minted, the Sacagawea and Presidential dollars are sometimes referred to as golden dollars due to their color.
As a uniformed military service, the U.S. Army is part of the Department of the Army, which is one of the three military departments of the Department of Defense. The U.S. Army is headed by a civilian senior appointed civil servant, the Secretary of the Army (SECARMY) and by a chief military officer, the Chief of Staff of the Army (CSA) who is also a member of the Joint Chiefs of Staff. It is the largest military branch, and in the fiscal year 2017, the projected end strength for the Regular Army (USA) was 476,000 soldiers; the Army National Guard (ARNG) had 343,000 soldiers and the United States Army Reserve (USAR) had 199,000 soldiers; the combined-component strength of the U.S. Army was 1,018,000 soldiers. As a branch of the armed forces, the mission of the U.S. Army is "to fight and win our Nation's wars, by providing prompt, sustained, land dominance, across the full range of military operations and the spectrum of conflict, in support of combatant commanders". The branch participates in conflicts worldwide and is the major ground-based offensive and defensive force of the United States.
The defining example of the Necessary and Proper Clause in U.S. history was "McCulloch v. Maryland" in 1819. The United States Constitution says nothing about establishing a national bank. The U.S. government established a national bank that provided part of the government's initial capital. In 1819 the federal government opened a national bank in Baltimore, Maryland. In an effort to tax the bank out of business, the government of Maryland imposed a tax on the federal bank. James William McCulloch, a cashier at the bank, refused to pay the tax. Eventually the case was heard before the U.S. Supreme Court. Chief Justice John Marshall held that the power of establishing a national bank could be implied from the U.S. constitution. Marshall ruled that no state could use its taxing power to tax an arm of the national government.
The Turkish currency and debt crisis of 2018 () was a financial and economic crisis in Turkey with international repercussions due to financial contagion. It is characterised by the Turkish lira (TRY) plunging in value, high inflation, rising borrowing costs, and correspondingly rising loan defaults. The crisis was caused by the Turkish economy's excessive current account deficit and foreign-currency debt, in combination with President Recep Tayyip Erdoğan's increasing authoritarianism and his unorthodox ideas about interest rate policy. Some analysts also stress the leveraging effects of the geopolitical frictions with the United States and recently enforced tariffs by Trump administration on some Turkish products such as steel and aluminum.
The idea of conveying a message through a periodically updated clock found an earlier expression in the Doomsday Clock. However, the innovation of the National Debt Clock was to feature a constantly running counter; it has since inspired similar projects elsewhere, both in the United States and further afield. In particular, it has become a national fixture shows that the U.S.'s increasing debt. By 1995, the "New York Times" reported that politicians were citing the clock to advocate for a reduction to the national budget. Various tracking counters of national debt are also kept online.
In 2005, he completed a documentary film on the U.S. National Debt titled "TIME-BOMB: America's Debt Crises Causes Consequences and Solutions". The film featured interviews with prominent businesspeople (George Soros, Peter G. Peterson, Steven Rattner), U.S. senators (Warren Rudman, Robert Byrd, Pete Domenici) and economists (Harvard's Benjamin M. Friedman and Kenneth Rogoff, and Boston University's Laurence Kotlikoff). In April 2006 the film was broadcast on national television, and again aired in August 2006.
The U.S. government is obligated under current law to make mandatory payments for programs such as Medicare, Medicaid and Social Security. The Government Accountability Office (GAO) projects that payouts for these programs will significantly exceed tax revenues over the next 75 years. The Medicare Part A (hospital insurance) payouts already exceed program tax revenues, and social security payouts exceeded payroll taxes in fiscal 2010. These deficits require funding from other tax sources or borrowing. The present value of these deficits or unfunded obligations is an estimated $45.8 trillion. This is the amount that would have had to be set aside in 2009 in order to pay for the unfunded obligations which, under current law, will have to be raised by the government in the future. Approximately $7.7 trillion relates to Social Security, while $38.2 trillion relates to Medicare and Medicaid. In other words, health care programs will require nearly five times more funding than Social Security. Adding this to the national debt and other federal obligations would bring total obligations to nearly $62 trillion. However, these unfunded obligations are not counted in the national debt, as shown in monthly Treasury reports of the national debt.
Since 2010, the U.S. Treasury has been obtaining negative real interest rates on government debt, meaning the inflation rate is greater than the interest rate paid on the debt. Such low rates, outpaced by the inflation rate, occur when the market believes that there are no alternatives with sufficiently low risk, or when popular institutional investments such as insurance companies, pensions, or bond, money market, and balanced mutual funds are required or choose to invest sufficiently large sums in Treasury securities to hedge against risk.