Best Answer


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

User Avatar

Wiki User

14y ago
This answer is:
User Avatar
More answers
User Avatar

Wiki User

13y ago

The 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.

This answer is:
User Avatar

User Avatar

Wiki User

13y ago

The United States has been in debt as of the Revolutionary War which was in 1775

This answer is:
User Avatar

Add your answer:

Earn +20 pts
Q: Which year did America officially become a debtor nation?
Write your answer...
Still have questions?
magnify glass
Related questions

Is Egypt a doner nation or a debtor nation?


Is Australia a debtor nation?

Yes, Australia is a Debtor Nation.

Did the US become a debtor nation at the end of the world war 2?

The US went from the largest creditor nation to a debtor (eventually largest) during the Reagan administration. Charles Pervo

How many pages does Debtor Nation have?

Debtor Nation has 392 pages.

When was Debtor Nation created?

Debtor Nation was created on 2011-01-11.

When did Poland become a new nation?

1990 was officially the end of Communist controlled Poland.

How did america become a strong nation in the 1800s?


What is the word that means person or country that owes money?

The general term is debtor, as in debtor nation.

What did America become on September 3 1783?

an independent nation

How many years after the colonists signed the declaration of independence did the US officially become a new nation?

seven years

How did the US change from a creditor nation in 1980 to a debtor nation in the late 1980s?


Which nation was the last to become involved in the world war 1?