Aug 7, 2012 — On today's Planet Money: The legend of the national debt. Where the debt came from, what happened the one time we paid it all off, and who came up with the whole debt-ceiling idea in the first place.
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Episode 273: When The U.S. Paid Off The Entire National Debt
Aug 7, 2012 — On today's Planet Money: The legend of the national debt. Where the debt came from, what happened the one time we paid it all off, and who came up with the whole debt-ceiling idea in the first place.On Jan. 8, 1835, all the big political names in Washington gathered to celebrate what President Andrew Jackson had just accomplished. A senator rose to make the big announcement: "Gentlemen ... the national debt ... is PAID."
That was the one time in U.S. history when the country was debt free. It lasted exactly one year.
On today's Planet Money: The legend of the national debt. Where the debt came from, what happened the one time we paid it all off, and why Congress created the debt ceiling in the first place.
This episode originally aired on May 13, 2011.
More from Planet Money:
- "The Debt Ceiling, Explained"
- "When The U.S. Paid Off The Entire National Debt (And Why It Didn't Last)"
Download the Planet Money iPhone App. Music: Surfer Blood's "I'm Not Ready." Find us:Twitter/ Facebook/ Spotify/ Tumblr.
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