Peter Earle traces how the word "trillion" entered the economic lexicon in 1981 when the U.S. passed $1 trillion in public debt. Today, the U.S. national debt approaches $40 trillion, with annual interest payments exceeding $1 trillion. Unlike 19th-centur

Peter Earle traces how the word "trillion" entered the economic lexicon in 1981 when the U.S. passed $1 trillion in public debt. Today, the U.S. national debt approaches $40 trillion, with annual interest payments exceeding $1 trillion. Unlike 19th-century millionaires who faced high risks, modern trillion-dollar figures are often a product of government monetary expansion. We have entered "Trillionstan," where massive quantities of money are common, yet their long-term significance is often overlooked by the public. (5)
1945 USS PUGET SOUND