Who was the only president to have the national debt paid in full?
On Jan. 8, 1835, all the big political names in Washington gathered to celebrate President Andrew Jackson's outstanding accomplishment. A senator rose to make the big announcement: "Gentlemen ... the national debt ... is PAID."
This is the only time that the national debt was completely paid. This happened almost three years after Jackson vetoed a bill renewing the charter of The Second National Bank. The United States did not pass legislation to charter or create another "Central Bank" until 1913 when The Federal Reserve was created.
Jackson personally did not like debt or banks.
Unfortunately Jackson's accomplishment only lasted for a year.
More Info:
www.npr.org
What are your thoughts on this subject?
91 Comments
Raven Berlowitz
Andrew Jackson also instituted the forced removal of all Native Americans from thier land and moved them on a forced march (Trail of Tears) to the Oklahoma Territories to rid the country of "savages". This is despite the Five Civilized Tribes not warring against one another for 500 years. And yet you wonder why his likeness is being replaced on the twenty dollar bill? His decisions and actions were little more than attempted genocide.
Learn your country's REAL history and then ask what we have to be so proud of.
61
Jun 10, 2016 4:11PM
Fred Golove
I guess that you are living somewhere else , Raven ... that has been and now still is better than the USA. As for me, I thank my late grandparents EVERY MORNING for dragging themselves in the 1890s from Russia to our imperfect country that remains the best anywhere and by a huge margin. Sorry for you if you don't get it ... so sad.
30
Jun 25, 2016 10:31PM
Richard Heth
I agree; his treatment of Native Americans was shameful!
23
Jun 25, 2016 10:59PM
Ben Totuous
That was the annual budget, not the running debt.
18
Jun 24, 2016 11:11PM

William Laughlin
Fred Golove The fact that your ancestors came here for a better life and were lucky enough to find it, doesn't mitigate what was done to the Native American populations. The truth doesn't change simply because you find it unpleasant. Your cold hearted response is shameful. The fact that opportunities were better than where your ancestors came from doesn't make this country perfect. Our history is filled with atrocities, especially like the genocide of indigenous populations. Instead of criticizing him for speaking the truth, why not learn the history of this country, warts and all. I'm sorry for you that you don't feel the pain of anyone but your own family. Shame on you. You are the one who does not "get it. So sad."
11
Jun 26, 2016 1:05AM
Jan Jennings Price
This is the first time Ive read the comments, I usually just look to see if I got the answer right. Everyone is so anxious to point the finger at someone for things that are bad.
The majority of Americans came from The UK area, lets change the scene up and everyone blame the English! That might be fun!
the way I see it, stop living in the past, no one living today persecuted the American Indian, inslaved the Black man or any of the other terrible things our ancestors did.
Lets never forget, but we have to forgive. Live in the times people.
9
Nov 27, 2016 3:47PM

Richard Jordan
Nonsense! Do you also believe in the Tooth Fairy and the Easter Bunny? Come-on, Brian! You weren't thinking when you made that comment, were you?
8
Jun 25, 2016 2:11PM
Mary Louise Hosch
Thank you Raven!!!!
7
Jun 25, 2016 2:18PM
Fred Golove
William Laughlin Get a life. I did not justify Jackson but I certainly take issue with those who endlessly refuse to recognize how great AND EXCEPTIONAL our country is. A lot has happened since the early 1800s and despite the snuggling intellectual elite so intent on putting us down despite all that has been accomplished even in my life this country should be for all that it's done and is doing for so many and so much better than any other country. Now sweet William, I spent 35 years in the military protecting your right to sniggle and complain and i have long been very active in doing community work and leadership. I'm disgusted with your derision and lecturing me ... what have you contributed to making this country great (or do you just shamefully revel in long past historical mistakes to kick the USA around?
7
Jun 30, 2016 1:46AM

Green dragon
Fred Golove if you new how terrible the Caucasian pigs treated the Native American people here I hope you would change your opinion,it was so bad it is embarrassing!
6
Jun 28, 2016 1:16AM
John Morgan
What about Bil Clinton? The country had a surplus when he left office.
2
Jan 27, 2022 2:51PM

Char
Ben Totuous, OK Thanks
0
Jul 2, 2021 10:24PM

Char
Brian Foote, I chose him too
0
Jul 2, 2021 10:24PM

Char
Wow got that wrong so many years ago since we had no debt ..
0
Jul 2, 2021 10:23PM

Howard Groopman
Ben Totuous, Good point. I answered Clinton because I couldn't remember if he balanced the budget or eliminated the national debt.
0
Jun 1, 2021 8:26PM

Lynne Cohen
Richard Heth, And take the land and kill the indigenous people - yeah, Andrew Jackson - bloody, bloody, Andres Jackson. The Dread Scott decision was how jackson felt about slavery,
0
May 29, 2021 5:35PM

Lynne Cohen
Evelyn Forbes, Please define socialism for me - medicare, social security, what do you mean?
0
May 29, 2021 5:30PM

Pat Wells
Andrew Jackson needs to be resurrected and given two more terms.
1
May 28, 2021 11:49PM

Bob Gorby
1 of the Jackson 6
1
May 12, 2021 5:58PM

Vance Duncan
Brian Foote, haha, not even close. You may be confusing "balancing the budget" with "paying off the debt." Balancing the budget means not introducing new debt to the books, also known as a "deficit": the incremental periodic increase to the "national debt": the cumulative debt from the start. Under Clinton/Gingrich, deficits were under control for a while. But politicians of all stripes have messed it up royally since and before.
0
May 4, 2021 9:50AM

Lynne Zeman
Brian Foote, Clinton balanced the budget and had surpluses in the years 1998 through 2001.
0
Mar 28, 2021 4:21AM

Andy Ravick
Brian Foote, he gave us a budget surplus, not a deficit. It was far from enough to pay off the debt
0
Mar 11, 2017 11:30PM

Linda Kahner
Bill Clinton had a surplus when he left office.
1
Mar 7, 2017 5:21AM

Sarah Elizabeth Wilson Fischer
Brian Foote, Clinton decreased the national debt by closing military bases and stripping funding. He certainly did not pay it all off. It was also clinton's idea for everyone to own a home. Barney Frank and friends then proceeded to lower financial requirements for loans through Freddie Mae and Freddie Mac. Commercial banks soon joined the party. What did all that lead too??? The housing/financial crisis of 2008.
0
Feb 27, 2017 8:25AM

Vonda Summers
It is very high now
0
Feb 26, 2017 9:06PM
<div class="text-center" style="margin: 0 25px 5px">
<img src="https://cdn.quizzclub.com/social/was-it-interesting.png" alt="Was it interesting?">
</div>