No National Debt

On January 8, 1835 the United States for the first an only time in its history had zero national debt. We can thank President Andrew Jackson for this feat.

After the Revolutionary War and the War of 1812 (the Second Revolutionary War) the United States was $112 million in debt. However it then embarked on a 20-year streak of prosperity and positive cash-flow.

When Andrew Jackson was elected in 1828, he had some very drastic financial policies. He eliminated the Second Bank of the United States, leaving the country without a central bank authority and vetoed many infrastructure public works projects which would have increased the national debt.

Summarized from Motley Fool.

And, of course, he famously on January 8, 1835 zeroed out the national debt to public celebration.

But it was short lived. By the start of 1836, the country had a small debt and in the1860s the Civil War raised the national debt to $1 billion. According to the Peter Peterson National Debt Clock, at the time of this writing, the national debt is over 29 trillion ($29, 689, 488, 211, 779) up 2 trillion from last year.

Happily, or unhappily, we’re not alone. This infographic is courtesy of Visual Capitalist.

Disclaimer: The information on this website is accurate to the best of my knowledge at the time of writing. I make no guarantee as to its accuracy. Its purpose is to inform, educate, amuse, and raise awareness about causes and opportunities around the globe. I also encourage civil debate in the comments.

Flag Counter

Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

This site uses Akismet to reduce spam. Learn how your comment data is processed.