The origins of U.S. debt

[ashling]

Michael Smerkonish noted on today's Hardball that the debt goes back to 1790.

In fact, the debt goes back to the revolutionary war and was incurred under our first constitution, the Articles of Confederation. One of the many reasons that a second constitution was necessary was the fact that we were about to default on this debt.

I suggest you read Pauline Maier's excellent work, Ratification: The People Debate the Constitution, 1787-1788.