Instruct: Given a question, retrieve passages that answer the question.
Query: What is the public debt of the U.S.?
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.
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 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.
Before the proposal was made, President Barack Obama publicly promised that he would not support a plan that would cost more than $900 billion over the next ten years. He also said that a plan could not add to the federal deficit, with every bit of new spending completely offset. The Baucus proposal stalled in the committee in August 2009 due to the town hall meetings faced by members of Congress, in which many opponents attended.
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.
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.
President of the Republic: Martín Alberto Vizcarra Cornejo
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.
The poverty line threshold of $1.90 per day, as set by the World Bank, is controversial. Each nation has its own threshold for absolute poverty line; in the United States, for example, the absolute poverty line was US$15.15 per day in 2010 (US$22,000 per year for a family of four), while in India it was US$1.0 per day and in China the absolute poverty line was US$0.55 per day, each on PPP basis in 2010. These different poverty lines make data comparison between each nation's official reports qualitatively difficult. Some scholars argue that the World Bank method sets the bar too high, others argue it is low. Still others suggest that poverty line misleads as it measures everyone below the poverty line the same, when in reality someone living on $1.20 per day is in a different state of poverty than someone living on $0.20 per day. In other words, the depth and intensity of poverty varies across the world and in any regional populations, and $1.25 per day poverty line and head counts are inadequate measures.
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.
Between 1995 and 1996, the US government faced two shutdowns during the Presidential term of Bill Clinton, who opposed proposed appropriation bills for 1996 by congressional Republicans and the then House Speaker Newt Gingrich. Both Gingrich and the majority of Congress sought to pass bills that would reduce government spending, much against Clinton's political objectives for 1996 within education, the environment and public health - in one aspect, a proposed bill threatened to block a scheduled reduction he had planned towards premiums within Medicare. Both sides had differing opinions over the impact the proposed House bills would have over economic growth, medical inflation, and anticipated revenues, with Clinton vetoing the bills over amendments added to them by congressional Republicans, despite Gingrich threatening to refuse to raise the country's debt limit.
Although widely used by most international organizations, the $1.25/day extreme poverty line has come under scrutiny from a variety of factors. For example, when used to measure headcount ratio (i.e. the percentage of people living below the line), the $1.25/day line is unable to capture other important measures such as depth of poverty, relative poverty and how people view their own financial situation (known as the socially subjective poverty line). Moreover, the calculation of the poverty line relies on several debatable assumptions about purchasing power parity, homogeneity of household size and makeup, and consumer prices used to determine a basket of essential goods. There may also be missing data from the poorest and most fragile countries.
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.
A longstanding characteristic of Turkey's economy is a low savings rate. Since Recep Tayyip Erdoğan assumed control of the government, Turkey has been running huge and growing current account deficits, $33.1 billion in 2016 and $47.3 billion in 2017, climbing to US$7.1 billion in the month of January 2018 with the rolling 12-month deficit rising to $51.6 billion, one of the largest current account deficits in the world. The economy has relied on capital inflows to fund private-sector excess, with Turkey's banks and big firms borrowing heavily, often in foreign currencies. Under these conditions, Turkey must find approximately $200 billion a year to fund its wide current account deficit and maturing debt, while being always at risk of inflows drying up; the state has gross foreign currency reserves of just $85 billion. The economic policy underlying these trends had increasingly been micro-managed by Erdoğan since the election of his AK Party in 2002, and strongly so since 2008, with a focus on the construction industry, state-awarded contracts and stimulus measures. Although, research and development expenditure of the country (% of GDP) and the government expenditure on education (% of GDP) are nearly doubled during AK Party governments, the desired outcomes could not been achieved The motive for these policies have been described as Erdoğan losing faith in Western-style capitalism since the 2008 financial crisis by the secretary general of the main Turkish business association, TUSIAD.
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.
The United States Constitution provides that Congress "shall have the power to lay and collect Taxes, Duties, Imposts, and Excises ... but all Duties, Imposts, and Excises shall be uniform throughout the United States." Prior to amendment, it provided that "No Capitation, or other direct, Tax shall be Laid unless in proportion to the Census ..." The 16th Amendment provided that "Congress shall have the power to lay and collect taxes on incomes, from whatever source derived, without apportionment among the several States, and without regard to any census or enumeration." The 10th Amendment provided that "powers not delegated to the United States by this Constitution, nor prohibited to the States, are reserved to the States respectively, or to the people."
Panic of 1873 created one of the worst and longest depressions in American history, seriously affecting every aspect of the economy and bringing the railroad expansion to a halt. The New York Stock Exchange closed for ten days. Of the country's 364 railroads, 89 went bankrupt, a total of 18,000 businesses failed between 1873 and 1875, unemployment reached 14% by 1876, during a time which became known in Britain as the Long Depression. Politically, the Democrats took control of Congress in 1874, the election of 1876 was deadlocked.
Published July 19, 2010, this first installment focuses on the U.S. intelligence system's growth and redundancies. It questions its manageability, as it has become "so large, so unwieldy, and so secretive that no one knows how much money it costs, how many people it employs, how many programs exist within it, or exactly how many agencies do the same work." The report states that "An estimated 854,000 people, nearly 1.5 times as many people as live in Washington, D.C., hold top-secret security clearances."
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.
There is disagreement among experts as to what would be considered a realistic poverty rate with one considering it "an inaccurately measured and arbitrary cut off". Some contend that a higher poverty line is needed, such as a minimum of $7.40 or even $10 to $15 a day. They argue that these levels would better reflect the cost of basic needs and normal life expectancy. One estimate places the true scale of poverty much higher than the World Bank, with an estimated 4.3 billion people (59% of the world's population) living with less than $5 a day and unable to meet basic needs adequately. It has been argued by some academics that the neoliberal policies promoted by global financial institutions such as the IMF and the World Bank are actually exacerbating both inequality and poverty.
On September 24, the CBO re-evaluated the proposal, taking into account the changes created by the Senate Committee. The CBO stated that the proposal would bring in $23 billion in the first ten years. Specifically, the Committee decreased the penalties for avoiding buying insurance, expanded the subsidies, and lowered the excise tax on high end insurance plans. A CBO report issued on October 7 stated that enacting the proposal would, on net, end up reducing the federal deficit by $81 billion over the 2010–2019 period. That report prompted praise from White House Press Secretary Robert Gibbs and from Senate Majority Leader Harry Reid, Dem. from Nevada, who called the scoring a "landmark occasion". Senate Minority Leader Mitch McConnell, Rep. from Kentucky, criticized the numbers as misleading given that the Baucus proposal would not come into effect for about another five years.
The public debt fell rapidly after the end of World War II under the presidency of Harry S. Truman, as the U.S. and the rest of the world experienced a post-war economic expansion. Unlike previous wars, the Korean War (1950–53) was largely financed by taxation and did not lead to an increase in the public debt.
According to the "CIA World Factbook", during 2015, the U.S. debt to GDP ratio of 73.6% was the 39th highest in the world. This was measured using "debt held by the public." However, $1 trillion in additional borrowing since the end of FY 2015 has raised the ratio to 76.2% as of April 2016 [See Appendix#National debt for selected years]. Also, this number excludes state and local debt. According to the OECD, general government gross debt (federal, state, and local) in the United States in the fourth quarter of 2015 was $22.5 trillion (125% of GDP); subtracting out $5.25 trillion for intergovernmental federal debt to count only federal "debt held by the public" gives 96% of GDP.
The history of the United States public debt started with federal government debt incurred during the American Revolutionary War by the first U.S treasurer, Michael Hillegas, after its formation in 1789. The United States has continuously had a fluctuating public debt since then, except for about a year during 1835–1836. To allow comparisons over the years, public debt is often expressed as a ratio to gross domestic product (GDP). Historically, the United States public debt as a share of GDP has increased during wars and recessions, and subsequently declined.
As of January 2012, public debt owned by foreigners has increased to approximately 50% of the total or approximately $5.0 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 to more typical historical levels.