How America Got Debt-Free in 1834

Photo (cc) by Rafiq Phillips

Quartz explains…

So how did [President Andrew] Jackson do it? Well, for one thing, he collected more cash—sorry, raised revenue—by jacking up import tariffs. But something else also happened. Uncle Sam balanced his budget on the back of an unsustainable, wildly-speculative land-buying frenzy that occurred during Jackson’s stint at the White House. Federal receipts from the sale of lands surged from $1.5 million in 1829, the first year of the Jackson administration, to $14.8 million in 1835. Expenditures stayed roughly flat over the same period. That’s a recipe for instant, sizable surpluses.

And how did the federal government come to have all this land to sell? Why, by removing the people who lived on it, en masse. The expulsion of Native Americans from the southeastern United States serves as a sizable black mark on Jackson’s tenure as president and on the country’s history. According to estimates, around 100,000 Native Americans were removed and 4,000 people died on the forced trek west known as the Trail of Tears.

The numbers, a chart, and more details are at the link. But it suffices to say that didn’t work out well.

Disclosure: The information you read here is always objective. However, we sometimes receive compensation when you click links within our stories.

Read Next
5 Cheap and Easy Ways to Make Your Car Smell Delightful

These tips will leave your ride smelling delightful for next to nothing. Some options are also chemical-free.

The Annuity Everyone Needs — and Anybody Can Get

This simple strategy can put more money in your pocket during retirement.

12 Tech Gadgets That Make Daily Life Easier

These products on Amazon will ease worries and simplify your routine.

13 Small Gadgets Under $20 That Make Life Better

These inexpensive electronics will make your day-to-day life a little easier — and happier.

Here’s the Average Retirement Age in Your State

Are you on track to retire at the same age as most residents of your state?

View this page without ads

Help us produce more money-saving articles and videos by subscribing to a membership.

Get Started

Most Popular
7 Kirkland Signature Items to Avoid at Costco

Even if it seems you save a bundle buying Costco’s Kirkland Signature brand products, they may not be the bargain they appear to be.

8 Tips for Retiring Comfortably on Social Security Alone

It’s never too early to start learning how to live well while living on less.

Am I Eligible for My Mother’s Social Security Benefit?

Can an adult daughter tap into her late mother’s benefit?

11 Generic Products You Should Buy at Costco

Not all generics are worthwhile, but these are among the best from Costco’s Kirkland Signature brand.

This Surprise Factor Can Raise Your Risk of Dementia

Nearly half of U.S. residents may face this threat.

3 Ways to Get Microsoft Office for Free

With a little ingenuity, you can cut Office costs to zero.

9 Things You’ll Never See at Costco Again

The warehouse store offers an enormous selection, but these products aren’t coming back.

This Gas Station Scam Is Victimizing More Drivers

For the second straight year, a growing number of Americans believe they’ve fallen prey to this scam.

Organize Your Home With These 10 Thrift Store Finds

Resolve to be clutter-free in 2021 with these secondhand purchases.

15 Free Streaming Services to Watch While Stuck at Home

These free movie streaming sites offer thousands of movies and TV shows, including recent releases and beloved classics. If you love free movies, online sites are where you need to look for the best list of features that are just one easy click away.

Can a Divorced Widow Claim Her First Husband’s Social Security Benefits?

The rules are complicated when it comes to eligibility for survivors benefits.

6 Legal Documents Retirees Need — but Don’t Have

Few retirees have all of these documents that are crucial to their golden years — especially during a pandemic.

These Are the 3 Best Used Cars You Can Buy

These vehicles boast reliability, safety and long-lasting value.

27 Things You Should Never Pay For — and How to Get Them for Free

When you know the tricks, you can save big on all kinds of useful things that others pay for.

11 Laws You Could Be Breaking Without Knowing It

Seriously? Fibbing about the weather is a crime? This and other little-known legal traps await the unwary.

15 Amazon Purchases That We Are Loving Right Now

These practical products make everyday life a little easier.

10 Ways Your Income Taxes Will Be Different in 2021

Filing your taxes will be different in 2021 due to coronavirus legislation and inflation adjustments.

10 Things I Always Buy at Trader Joe’s

From snacks to sweets to side dishes, stock your cart with these time-tested favorites on your next TJ’s run.

9 Small Expenses That Are Bleeding Your Budget Dry

Keep more of future paychecks by eliminating these budget-busting unnecessary expenses.

View More Articles

View this page without ads

Help us produce more money-saving articles and videos by subscribing to a membership.

Get Started

Add a Comment

Our Policy: We welcome relevant and respectful comments in order to foster healthy and informative discussions. All other comments may be removed. Comments with links are automatically held for moderation.