Is it true Andrew Jackson balanced the U.S. federal budget and PAID OFF national debt when he was a president?
Should fiscal sense apply to U.S. government to control trade deficit and debt in the next administration after the disastous Bush-Cheney administration?
National debt is officially over 9.3 trillion dollars ( http://www.brillig.com/debt_clock/ ) and unofficially 53+ trillion dollars according to FinancialSense.com web site ( http://www.financialsense.com/editorials/turk/2008/0109.html )
No, he did not pay it off, but reduced it to it’s lowest level in history.
“In 1835, Jackson managed to reduce the federal debt to only $33,733.05, the lowest it has been since the first fiscal year of 1791. However, this accomplishment was short lived, and a severe depression from 1837 to 1844 caused a ten-fold increase in national debt within its first year.”
