Asked by Robin Smith on May 21, 2024
Verified
Until 1980,the national debt was mostly the result of:
A) wartime borrowing.
B) inflation.
C) bad monetary policy.
D) wasteful Congressional spending.
E) Social Security obligations.
Wartime Borrowing
The process of governments taking on debt during times of war to finance military operations and support the economy.
Social Security
A government program that provides financial assistance to retirees, disabled individuals, and their dependents.
- Comprehend the historical dynamics and policy transitions associated with U.S. budget deficits and national debt.
Verified Answer
EH
Evariste HatungimanaMay 25, 2024
Final Answer :
A
Explanation :
Until 1980, the national debt of the United States was largely accumulated through borrowing to finance wartime activities. Major conflicts such as World War I, World War II, the Korean War, and the Vietnam War required significant expenditures that exceeded regular government revenues, leading to increased national debt.
Learning Objectives
- Comprehend the historical dynamics and policy transitions associated with U.S. budget deficits and national debt.
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