Andrew Jackson hated debt.
So when he became president, He worked hard to make sure the United States would be in the black. By 1835, he had reduced what the country owed from around $58 million to zero. For the first time in its history, the country was debt free.
It lasted for a whole year.
Since there was no national bank to store the excess money (because Jackson had done away with it) the surplus couldn't be placed there. It was decided that the money would be given back to the states to be split between them. Like a kid getting a big, fat check from grandma at birthday time, the states went on a spending spree and began printing money—lots of money.
Jackson tried to stop the runaway train, but it was too late. The states were buying up land and spending like mad. This misspending resulted in a long depression, and the government found themselves borrowing money, again. The glory days of a debt-free America lasted one whole year, and it has never happened again.[i]
Before we wag our heads at the senselessness of our forefathers, we need to consider how we handle our own debt. I’m not talking about the mortgage or the car note; I’m referring to own sin debt. For the believer, our sin debt was taken away by Jesus (Colossians 2:14). What do we do with our debt free status?
Do we go on a sinning spree? Do we continue in sin expecting the debt to keep being paid off (Romans 6:1-2)? Do we make our situation worse and end up in even a worse position (2nd Peter 2:21-22)?
Let’s never forget the cost of what it took to remove our sin. Instead of going back into the hole let’s live in the surplus of righteous living.
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