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1973.
The struggle to stabilize capitalism had been increasing government deficits long before this. State taxes were allocated to subsidizing private sector firms, combatting unemployment with public expenditure and military expenditure during the cold war. The arms race and the fighting of direct and proxy wars in the third world had been a drain on US funds for decades.
The oil crisis of 1973 threw the world economy into recession and the USA officially became the worlds biggest debtor nation
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SteveThe United States has had public debt since its inception. Debts incurred during the American Revolutionary War and under the Articles of Confederation led to the first yearly reported value of $75,463,476.52 on January 1, 1791.
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