Government DebtHistory shows that the United States, from the early 1790s to the present, has only been free of a national debt for 2 years, 1834 and 1835. Government debt has grown from 75.5 million in 1790 to 13.5 trillion in 2010. The growth of public debt is extremely alarming due to its rapid and enormous growth within a span of a year. The US National Debt Clock shows that the growth rate of the national debt is about $50,000 per second. Every day we watch the news or read about public debt, journalists, politicians and economists talk about how much national debt damages the economy and how, however, it affects people; For a better understanding of public debt and the meaning of these number one statesmen it is necessary to understand public debt by definition, why do we have it?, what causes it? And what is the economic impact on society and the world as a whole? And what procedure can be adopted to reduce it. Government debt is also known as national debt, according to the US Treasury Department the term national debt refers to the direct liabilities of the US government. There are several debt concepts that are used from time to time to refer to the national debt: government debt, debt, gross federal debt. Public debt refers to public debt securities issued by the US Treasury. U.S. Treasury securities consist primarily of marketable Treasury securities (i.e., bills, bills, and bonds), savings bonds, and special securities issued to state and local governments (State and Local Government Series securities, or SLGS). One part is made up of debt held by the public and public accounts. Debt held by the public excludes the portion of the debt held by public accounts. Gross federal debt consists of government debt...... middle of paper......l&bar=1&stack=1&size=l&title=Defense%20Spending%20Chart&state=US&color=c&local=s>.Quinn, James . "NATIONAL DEBT BY YEAR - James Quinn - Seeking Alpha." Stock market news and financial analysis - Seeking Alpha. Np, Apr. 19, 2011. Web. Apr. 17, 2011. “The home page of the U.S. Department of Labor.” The home page of the United States Department of Labor. Retrieval, OpenGov and Web. April 19, 2011. "The United States Social Security Administration." The United States Social Security Administration. Economic Recovery Act, OpenGov, Social Security, 12 April 2011. Web. 7 April 2011. "What is Social Security? Definition and Meaning." InvestorWords.com - Investing Glossary. Np, 19 April 2011. Web. 19 April. 2011. .