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Registered: 07-2005
Location: Runboard Staff Aux
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National Debt


quote:

In 1829 President Andrew Jackson (USA) stated:

The management of the public revenue—that searching operation in all governments—is among the most delicate and important trusts in ours, and it will, of course, demand no inconsiderable share of my official solicitude. Under every aspect in which it can be considered it would appear that advantage must result from the observance of a strict and faithful economy. This I shall aim at the more anxiously both because it will facilitate the extinguishment of the national debt, the unnecessary duration of which is incompatible with real independence, and because it will counteract that tendency to public and private profligacy which a profuse expenditure of money by the Government is but too apt to engender. Powerful auxiliaries to the attainment of this desirable end are to be found in the regulations provided by the wisdom of Congress for the specific appropriation of public money and the prompt accountability of public officers.



At the time of his inauguration the USA had what he considered to be a crushing national debt of $58,421,[sign in to see URL] (or $1,540,000,[sign in to see URL] in 2011 dollars). Was he being serious? Well... by 1835 (two years into his second term) President Jackson had reduced the crushing USA debt to $33,[sign in to see URL] (or $889,[sign in to see URL] in 2011 dollars). A reduction of the National debt by over [sign in to see URL]% in just six years! This is the closest the USA has ever come to being truly debt free as a country.

Today, the USA spends $10,460,188,800 per day or to put it another way... In just under 4 hours today, the USA spends an amount equal to the entire debt of the USA that President Andrew Jackson inherited in 1829!

In order for the next President of the USA to equal President Andrew Jackson's truly heroic and monumental feat that President would need to reduce the national debt from its current level of $16,394,000,000,000 to $9,466,043,133 (that is going from a debt of 16.3 trillion in 2012 down to a debt of only 9.4 billion in 2018)!!!

I am a Independent but even so I say President Andrew Jackson (D) deserves the Guinness World record for what he accomplished in his day and dare any politician to try and break that record. emoticon

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