How much presidents have spent

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A discussion of the national debt would be incomplete without mentioning the one President who pulled off what no other president could.

On Jan. He paid off the national debt. How he did it requires some background on Jackson himself. Before he was president, Andrew Jackson was a land speculator from Tennessee.

When a land deal he made went bad and left him with massive debt and some worthless paper notes, his hatred of debt was formed. When Jackson ran for president, he disliked banks as purveyors of debt and the existence of the national debt itself. He referred to it as the national curse. To attack the debt, as his first step, Jackson started selling off the most valuable thing the country owned: land. Second, he vetoed every spending bill that came across his desk.

By not only was the national debt paid off, the government ran a surplus. Unfortunately for Jackson, his vision of a debt-free America lasted a grand total of one year.

Long before the Federal Reserve was created, America had a National Bank, which Jackson promptly killed early in his presidency. This left him with nowhere to put the surplus funds the government was amassing after he paid off the debt, so he redistributed the funds to the states.

Shortly after that, a real estate bubble occured, which promptly popped, sending the country into recession, which promptly re-created a national debt. Event: Tax Cuts and Jobs Act of Congress raises debt ceiling.

Event: American Recovery and Reinvestment Act of Event: War on Terror initiated Afghanistan. Event: Long-term capital management and hedge fund crisis precursor to recession. Event: America involvement in Vietnam begins. Event: Transition to a post-war economy. President s : Franklin D. Event: Bretton Woods agreement - US dollar becomes standard for global currency. Event: Second Liberty Bond Act debt ceiling. Though the bargains during Black Friday can offer value, more than 2 in 5 consumers regret their purchase, view our study into Black Friday shopping regrets.

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