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Debt freedom played an important role in the battle between Jackson and Second Bank of the United States. With the Bank needing rechartering by 1836, Bank president Nicholas Biddle initially sought favor with Jackson by proposing a financial plan to retire the federal debt early. But, ultimately, Jackson and his allies in Congress decided that the Bank was unconstitutional, a damaging monopoly, a threat to liberty, and it would not be needed after the debt was paid off in 1835. Jackson, Senator Thomas Hart Benton and others battled Bank supporters, and they were ultimately successful in killing the institution with Jackson’s veto of a recharter bill in 1832.

Debt freedom came as expected on January 1, 1835, and the Jacksonian political elite held a big party to celebrate at Brown’s Hotel in Washington. Even with the debt paid off, Jackson continued to stress Jeffersonian frugality. In his annual message to Congress in December 1834, he said “simplicity in the character of the Federal Government, and a rigid economy in the administration, should be regarded as fundamental and sacred.” Jackson thought that allowing the government to issue debt encouraged profligacy and tempted it to spend on items that it did not have the constitutional power to spend on.

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The good times ended with the financial Panic of 1837, which plunged the economy into recession and led to a drop in revenues and a resumption of borrowing. As it now stands, the only time in his- tory that America has enjoyed federal government debt freedom was between January 1835 and October 1837.

The Congressional Budget Office has published data on federal debt as a share of estimated gross domestic product back to 1790. Debt fell from 30 percent of GDP that first year to 6 percent by 1811, but then rose to 10 percent during the War of 1812. Debt then declined for two decades to reach zero by 1835, as Lane’s book describes.

After the effects of the Panic of 1837 subsided, Congress began running occasional surpluses once again, and debt remained below 3percent of GDP all the way to the Civil War. The war caused debt to spike to 31 percent of GDP, but then the Jeffersonian tra- dition reasserted itself, and policymakers steadily reduced the debt load to 3 percent by the beginning of World War I.

Debt peaked at 33 percent of GDP in 1919, and then was reduced under Presidents Warren Harding and Calvin Coolidge. The Great Depression and World War II caused the debt to spike to 103 per- cent in 1946, but post-war prosperity enabled politicians to pay down some of the debt during the 1950s and 1960s, even as spending was growing. Debt began rising in the 1980s to peak at 48 percent in 1994, before declining once more in the 1990s boom.

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Over the past decade, restraint has been put aside and debt soared to 74 percent of GDP by 2015. Today’s debt load is easily the high- est in our history outside of World War II. What makes it particularly troubling is that, as entitlement programs expand in coming years, CBO projects debt as a share of GDP to grow continuously.

Unfortunately, our federal fiscal culture has changed dramatically since the Jackson era. Lane concludes: “Debt freedom, Americans in the Jacksonian era believed, would improve the material quality of life in the United States. It would reduce taxes, increase disposable income, reduce the privileges of the creditor class, and, in general, generate greater equality as well as liberty.” Back then, the belief was that a frugal government that balanced its books would help secure liberty and broadly benefit average citizens, but that understanding is sadly alien to most federal politicians today.