By 1860, the 'Buchaneers' had created the largest debt ever accumulated by an administration without engaging in war."
Like everything else in this report, an exaggeration, not true.
Here are the real facts:
- The first seven presidents (Washington - Jackson) all inherited larger war-related debts which they reduced significantly until President Jackson paid it off in 1835.
- After Jackson nearly every president added significantly to the debt.
- Democrat Van Buren increased the debt from essentially zero to $15 million (.6% of GDP) in 1839.
- Whigs Harrison & Tyler increased it to $33 million (2.1% of GDP) in 1843.
- Democrat Polk increased it to $63 million (2.6% of GDP) in 1849, after the Mexican war was over.
- Whigs Taylor & Fillmore increased it to $68 million (2.5%) in 1851.
- Democrat Pierce reduced it to $28 million (.7% of GDP) in 1857.
- Then Democrat Buchanan increased it back to $68 million (1.5% of GDP) in 1860.
Of course, all of these national debt numbers are miniscule compared to what we've seen since the 1930s New Deal.
The greatest of these antebellum debts under Whig Presidents Taylor & Fillmore reached only 2.5% of GDP.
Even Democrat Buchanan's national debt never exceeded 1.5% of GDP.
By stark contrast, President Zero's debt rose from roughly 70% to 100% of GDP in eight short years.
