Who was the last president with no debt?

The only U.S. president to have the national debt entirely paid off was Andrew Jackson, on January 8, 1835. This was the single time in U.S. history that the country was debt-free.

Who was the last president to actually balance the budget?

The last president to oversee a balanced federal budget was Bill Clinton, whose administration achieved budget surpluses for four consecutive years, from fiscal years 1998 to 2001, marking the first sustained period of budget balance in decades. This rare feat was due to a combination of economic growth, spending cuts, and tax increases, and it ended with the start of the new millennium, after which deficits returned. 

When was the last time the USA had no debt?

The U.S. was last debt-free for a brief period in 1835, under President Andrew Jackson, who achieved zero national debt on January 1st, marking the only time in U.S. history this occurred. However, this status lasted only about a year, as the government began borrowing again by 1836, leading into the Panic of 1837. 

Who was the last president to create a surplus?

Dedicated the Surplus to Save Social Security and Reduce the National Debt. In his 1998 and 1999 State of the Union addresses, President Clinton called on the nation to save the surplus until the solvency of Social Security is assured.

How many Americans are 100% debt free?

Around 23% of Americans are debt free, according to the most recent data available from the Federal Reserve.

Why Every Country Is in Debt? And Who Do They Owe?

How many Americans have $20,000 in credit card debt?

A majority of Americans (53%) carry some, with an average balance of $7,719. However, a third of those carrying debt (32%) owe $10,000 or more, while almost 1 in 10 (9%) have credit card debt over $20,000.

Is being debt-free the new rich?

Yes, for many people, being debt-free feels like the new rich because it provides immense financial freedom, peace of mind, and security, even if it doesn't mean having millions in the bank; it shifts the definition of wealth from pure income to a lack of financial burdens, allowing for more saving, investing, and enjoying life without stress. While traditional wealth is assets minus liabilities, eliminating debt frees up income for wealth-building, making it a significant step towards financial well-being and independence, especially as many struggle with rising costs and stagnant wages. 

Did Trump have a surplus in June?

The U.S. Treasury has reported a budget surplus of $27 billion for the month of June—the first time since 2017. This is excellent news for our economy and a signal that President Trump's pro-growth policies are on the right track! Last month saw a surplus of a little more than $27 ...

Who was the only president to pay off debt?

Andrew Jackson is the only U.S. President to have overseen the payoff of the entire national debt, achieving this goal on January 1, 1835, a moment that marked the first and only time the country was debt-free, though it led to economic instability and debt quickly reemerged, notes History.com. Jackson's administration drastically reduced debt through land sales, budget cuts, and dismantling the national bank, but the surplus was distributed to states, contributing to the Panic of 1837, reports NPR. 

Was Bill Clinton a good president?

He finished with a Gallup poll approval rating of 65%, higher than that of every other departing president measured since Harry Truman.

Who owns over 70% of the US debt?

Who owns the most U.S. debt? Around 70-80 percent of U.S. debt is held by domestic financial actors and institutions in the United States. U.S. Treasuries represent a convenient, liquid, low-risk store of value.

Which country has zero debt?

As the world's biggest gambling hub, Macao SAR has zero debt, bolstered by billions in gaming revenue and healthy financial reserves. Liechtenstein ranks in second, with virtually no debt and the only country in Europe ranking in the top 10.

Did Bill Clinton pay off the debt?

No, President Clinton did not completely pay off the national debt, but his administration achieved the first budget surpluses in decades (1998-2001), significantly reduced the debt held by the public (by hundreds of billions), and slowed its growth, creating a surplus that projected debt elimination by 2012, though this wasn't fully realized due to later economic shifts. 

What did Bill Clinton do for America?

Clinton presided over the second longest period of peacetime economic expansion in American history. He signed into law the North American Free Trade Agreement and the Violent Crime Control and Law Enforcement Act but failed to pass his plan for national health care reform.

When was the last time the US had no deficit?

The U.S. federal government last had a budget surplus in Fiscal Year 2001, meaning it collected more in revenue than it spent that year, under President Bill Clinton, with deficits occurring every year since then, though the size of the deficit fluctuates. 

Is a surplus better than no deficit?

A budget surplus can often be an indicator of a healthy economy but it is not necessary for a government to maintain a surplus. The U.S. has rarely run a budget surplus and experienced long periods of economic growth while running a budget deficit, which is the opposite of a surplus.

Which country fully paid back the United States?

Finland's reputation as a reliable debtor was established in 1933, when Finland paid the food loan it had obtained from the United States in 1919, in full and on time. Finland was the United States' only debtor country that continued to pay its war-related debt until the end.

What did Reagan do to the national debt?

During Reagan's presidency, the federal debt held by the public nearly tripled in nominal terms, from $738 billion to $2.1 trillion. This led to the U.S. moving from the world's largest international creditor to the world's largest debtor nation.

What was the debt when Bill Clinton was president?

Debt held by the public reached a high of 49.5% of GDP at the beginning of President Clinton's first term. However, it fell to 34.5% of GDP by the end of Clinton's presidency due in part to decreased military spending, increased taxes (in 1990, 1993 and 1997), and increased tax revenue resulting from the 1990s boom.

What has Biden done to the US economy?

Real GDP growth averaged a robust 3.4% during the first three years of the Biden presidency. The labor market was strong in 2023. The unemployment rate averaged a very low 3.6% in 2023, as it had in 2022; the last year with an average 3.5% unemployment rate was 1969.

Are Trump's tariffs hurting the economy?

The Trump tariffs are the largest US tax increase as a percent of GDP (0.47 percent for 2025) since 1993. Trump's imposed tariffs will raise $2.1 trillion in revenue over the next decade on a conventional basis and reduce US GDP by 0.5 percent, all before foreign retaliation.

Who does the US owe 36 trillion to?

The U.S. owes its $36 trillion national debt to a mix of domestic investors (like banks, mutual funds, and individuals), U.S. government accounts (like Social Security), the Federal Reserve, and foreign investors, with Japan, the UK, and China being the largest foreign holders, primarily through purchasing U.S. Treasury bonds. The largest portion is held domestically, but foreign entities hold trillions, making countries like Japan and China significant lenders.
 

Which actor wiped out debt for 900 families?

Actor Michael Sheen paid off $1.3 million worth of debt for his neighbors. Plus, this guy has been diving for lost golf balls for 30 years.

Is $100,000 a year considered wealthy?

Earning $100,000 a year puts you above average in the U.S. and often into the "upper-middle class," but whether it feels "rich" depends heavily on your location (cost of living), household size, debt, and lifestyle, as it may cover basics comfortably in some areas but feel tight in expensive cities or with dependents. It's considered a strong salary, allowing for savings and a good lifestyle, but not "wealthy" like the top 1-5% of earners, who make significantly more. 

Is $30,000 in debt a lot?

Yes, $30,000 in debt is a significant amount that requires attention, though whether it's "a lot" depends on your income and expenses; financial experts often look at your Debt-to-Income (DTI) ratio (over 43% is high), but $30k, especially in high-interest credit cards, can be overwhelming, taking decades to pay off without a strategic plan. It's a serious wake-up call, but manageable with discipline, budgeting, potentially lowering interest rates, and seeking help from a credit counselor.