Final answer:
The statement regarding the increase in the U.S. national debt from just under $1 trillion to $2.6 trillion during Reagan's presidency is true, as is the shift of the U.S. from the largest international creditor to the largest debtor nation.
Step-by-step explanation:
The statement about the U.S. national debt during President Ronald Reagan's time in office is true. When Reagan took office, the national debt was just under $1 trillion, and by the time he left office, it had risen to approximately $2.6 trillion. Additionally, the United States did transition from being the world's largest creditor to the largest debtor nation over those eight years. This surge in the national debt was the result of significant increases in military spending and tax cuts, including a $3.6 billion tax relief for the wealthiest American families.
Despite the economic growth and job creation during Reagan's presidency, the government practiced deficit spending, borrowing sums significantly larger than in previous years of peace, to support its economic policies. Consequently, the national debt expanded, tripling in size during his administration. It is also true that following Reagan's term, efforts to reduce the national debt faced the major challenge of balancing the budget in addition to paying hundreds of billions of dollars in interest on the accumulated debt.