The Day America Owed Nothing to Anyone - January 1, 1835

On January 1, 1835, the United States achieved something that has never happened before or since the national debt hit zero. President Andrew Jackson's triumph was real, his motivations were sincere, and the consequences were catastrophic. Within two years, the nation plunged into one of its worst depressions. All three things are true, and that's what makes this moment worth understanding.