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Has America ever been without debt??


cgbrown
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Only once in American histoy has an administration managed not to incur debt................Andrew Jackson's administration.......It wasn't his thing and he was highly dubious of Banks especially the Bank of America. Which he opposed vociferously and proclaimed it against the better interests of The United States. He didn't trust banks. He was on to something there boy!!

It is quite right to point out Bill Clinton's budget surplus...........but the accumulating of the National debt as we are witnessing today was added to under Clinton's administration.

Edited by automag
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The last 2 years of the jackson adminisration, he was able to eliminate the fed and for the first and only time he was able to pay off the debt . This lasted till the next admin. when the fed was reinstated and we began to run up the national dept.

Clinton's "surplus" was a 10 year spending policy that in "theory" would result in a surplus , GW inherited the same recesion that every incoming administration gets, due to market uncertainty. What defines an adminstration is what actions they take after they take office. (after 6 months the econmy is on them)

Edited by mrbadwrench
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The U.S. has had public debt since its inception. In the first 20 years following the War of 1812, the debt was 99.97% paid off, with many years of surplus. Social programs and WW2 is what REALLY caused the runaway debt, ever escalating to where we are today. What's really bad is how they carve out the huge housing obligations, guaranteed obligations, and unfunded obligations (social programs) that are not counted in the debt. If they were all added in to the $14+ trillion bandied about, the true debt is in excess of $200 TRILLION!

Here's a good summary on the country's debt:

http://en.wikipedia.org/wiki/United_States_public_debt

What ever happened to 'living within means'?? I guess they just keep adding more and more credit cards. Maybe each American should get one of those 'no limit' credit cards too!

:lol::P

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From a book called "Tax Scam" by Alan Stang, on page 20 there is a cartoon printed in the "Comic Weekly" 12/7/1887 showing Congress facing a huge surplus caused by high tariffs. According to the book Congress faced the problem for several years in the late 1800's. Not to worry though the powers that be found a fix for all surplus's it is called the International Bankers and the Federal Reserve Bank.

Also there is a book that is needed to be read by all Americans, it is called "VOTE SCAM". Don't miss it.

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clinton balanced the budget/national deficeipt after reagan, and handed off the ball with a goverment a surplus suposedly. B)

Wrong. We have never had a surplus. As long as there are private banks controlling the money supply a surplus is virtually impossible. They only print what they lend and never prine extra to cover the interest. If you gave back every penny in circulation printed by the private banking cartel you still could not have a surplus because after giving it all back there would not be any left to pay the interest owed.

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