The U.S. Was Debt-Free Once (But Only Once)

Today marks the 200th anniversary of Andrew Jackson’s victory at the Battle of New Orleans. This victory helped pave the way to Jackson becoming President in 1828. (For more information, click here.)

President Jackson hated debt and saw it as a moral failure. Once President, he tackled both the national debt and the national bank. He had the privilege of seeing the United States pay off its entire debt. Today also marks the 180th anniversary of the first and only time the United States has been debt-free. It lasted one year.