Andrew Jackson Pays Off the National Debt

Andrew Jackson

Pol Light Moment #153 occurred on January 1, 1835, when Andrew Jackson paid off the National Debt. Andrew Jackson served as the 7th President of the United States from 1829 to 1837. He also served as a United States Senator from Tennessee from 1823 to 1825.

When Andrew Jackson became President in 1829 he inherited a debt of about $58 million. This was the equalivent of $1.4 billion in 2010 dollars (When America Paid Off the National Debt, Brian Lipshutz, July 25, 2011). In 1824 Jackson called the National Debt a "national curse". Jackson believed the borrowing clause in the Constitution was for emergencies and borrowing should not be a permanent practice.

After six years of his policies as President he was able to accomplish his goal of paying off the National Debt. This happened on January 1, 1835, and was the only time since then in the history of the United States that the country has been out of debt.

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The photo of Andrew Jackson is in the Public Domain.