In January 1835, President Andrew Jackson (who harbored a very person dislike of the concept of debt), paid off the entire national debt. To do that, he took advantage of a huge real-estate bubble that was raging in the Western U.S. The federal government owned a lot of Western land — and Jackson started selling it off. He was also ruthless on the budget blocking every spending bill he could.
Meantime, back to the present. . .
Shouldn't we LEARN from our own history?
(Thanks to http://nextcity.org/equityfactor/entry/here-is-foreign-every-country-that-gets-more-federal-aid-than-detroit and http://www.npr.org/blogs/money/2011/04/15/135423586/when-the-u-s-paid-off-the-entire-national-debt-and-why-it-didnt-last)
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