It’s hard to believe the United States government was ever debt-free.
But it happened once—in 1835—thanks to President Andrew Jackson. He was the first and only president to pay off the national debt completely.
One biographer says the former president viewed debt as a “moral failing,” a sort of “black magic.”
When he became president, Jackson was determined to rid the US of its national debt. After all, debt enslaves you to your creditors.
Jackson knew that being debt-free was essential to independence. This outlook resonated with many Americans back then.