Stephen E asked in Arts & HumanitiesHistory · 8 years ago

Was the united states ever out of debt?

6 Answers

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  • Hugh G
    Lv 4
    8 years ago
    Favorite Answer

    The debts accrued during the Revolutionary War were assumed by the First Bank of the United States and they were completely repaid by 1811; so the US Congress did not see a need to renew the bank and they allowed it to close when its original 20-year charter expired in 1812. At that point, the United States had no national debt.

    However, the near bankruptcy that the US incurred as a result of the War of 1812 changed Congress' collective mind and they chartered the Second National Bank in 1816. That bank closed in 1836 after Andrew Jackson removed all the national deposits from the Bank and placed them in various state institutions. That was the second time the United States had no national debt.

  • Becky
    Lv 7
    8 years ago

    Yes. I remember that it was during Ronald Regan's presidency in the 1980's that we went from being a debt-free to a debtor nation. The Republicans are responsible for making that happen - Star Wars and the endless military spending under Regan + Republican "Trickle Down Economics." What Trickle Down Economics means is that the wealthiest 1% of our population gets to HOARD the vast majority of wealth and since they are so filthy dirty rich, they deign, to throw all the rest of us a few crumbs from their table.

    The fact is I remember the day I read in the newspaper just a little blurb printed at the bottom of about page 6 in our local newspaper that lamented the fact that the United States on that day had gone from being a debtless to a debtor nation which was attributable to the endless spending of the Regan Agenda on military arms.

    Regan may also have spent all the gold in Fort Knox, because to this day there has never been a single person allowed to enter Fort Knox to ACCOUNT FOR and VERIFY the existence of the GOLD that was there before he took office.

    It is also interesting to note that Romney wants to do exactly what Regan did in spending endless money on a military that hasn't even asked for no needs it. I just want to know where he will get the money. The answer is, he will steal it from Medicare, Medicade, Social Security, Food Stamps, and every other social program. The Republicans are out to do it again! And 50% of the people are buying that...are you that stupid?

  • Jim
    Lv 7
    8 years ago

    Andrew Jackson is the only president who paid off the national debt.

  • Mark M
    Lv 7
    8 years ago

    See the attached link. Between 1830 and 1860 the US government had little or no debt.

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  • 8 years ago

    I believe there was a very brief period of time in Andrew Jackson's presidency where we had the debt paid off. Other than that, no.

  • 8 years ago

    Yes

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