President Andrew Jackson paid off the US national debt of $58 million in 1835 by selling government-owned land in the West. The debt-free period ended in 1837 due to a financial crisis caused by excessive currency printing. The current US debt record is about $17 trillion.
The United States was debt-free in 1835 when the national debt was paid off under the administration of President Andrew Jackson. The debt was approximately $58 million US dollars (USD) when Jackson took office in 1829. He made debt payment a top priority and accomplished it primarily by selling government-owned land in the West. The period in which the United States was debt-free lasted until the Panic of 1837, a financial crisis caused by excessive currency printing by states without sufficient reserves to back it up. This resulted in a six-year economic depression and the United States began to borrow money again.
Read more about the US national debt:
The first taxes in the United States were enacted in the 1790s to help the newly formed country pay off its debt, which had a debt-to-GDP ratio of 30%, or about $58 million dollars at the time.
After World War II ended in 1945, it took the United States 17 years to pay off its war debt.
The U.S. debt record was about $17 trillion at the end of 2013.
Protect your devices with Threat Protection by NordVPN
