Only one president in United States history ever managed to eliminate the national debt: Andrew Jackson. Though he has since earned more fame as a villain than as a hero for reducing the debt.
Government debt, also known as public debt or sovereign debt, has been a powerful tool in state building and country formation and has been directly linked to the rise and power of democracy, recent economic growth, and the modern financial market.
It is safe to say that we will never know the true negative impact of such massive amounts of debt until something catastrophic happens.
The ability to borrow money provides a buffer during emergencies and crises, allowing the government to spend money to resolve the problem without dipping into actual cash reserves.
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