It's worth remembering that in 1801, when Jefferson became president, the US national debt was around $100 million, about 10 times annual federal revenues. This was literally "the cost of freedom," and would correspond today to a national debt around $30 trillion.
Since our actual national debt is $13+ trillion, the government is in better financial shape today than it was in Jefferson's time.
And at the time, Jefferson's number one priority was paying down the national debt. So, how did he do it? How does ANY wise government ever increase its revenues? Yes, that's right!
JEFFERSON REDUCED GOVERNMENT SPENDING AND CUT TAXES.
Soon the national coffers were overflowing with revenues, paying down the debt, and the economy was booming.
And what was Jefferson's number two priority? Well, there was a small matter of Islamic terrorists in North Africa. Jefferson started a "war of choice" against them, to eliminate the annual tributes America was paying -- the First Barbary war.
But even with paying for the war, the US economy & federal revenues grew so fast, Jefferson had no problem coming up with (the unconstitutional) $15 million needed for the Louisiana purchase, and still paid down 30% of the national debt by the time he left office in 1809.
Do you suppose there's a lesson to be learned here?
More than one lesson, actually. . .
BroJoeK: It's worth remembering that in 1801, when Jefferson became president, the US national debt was around $100 million, about 10 times annual federal revenues. This was literally "the cost of freedom," and would correspond today to a national debt around $30 trillion. Since our actual national debt is $13+ trillion, the government is in better financial shape today than it was in Jefferson's time.Excellent!