A closer look
The United States being entirely debt-free was a fleeting historical anomaly that lasted shorter than a Hollywood marriage. In 1835, President Andrew Jackson aggressively sold off federal land and ruthlessly vetoed spending bills to balance the budget to a perfect zero. It was the first and only time in history the nation owed nothing. His reward? His reckless dismantling of the national bank immediately triggered the Panic of 1837, causing a massive depression and forcing the government to instantly go right back into debt. Good job, Andy.
