In 1835, the United States had a completely unique moment in its history–for exactly one year, the country had no debt. Making America debt-free was something of an obsession for then-President Andrew Jackson, who sold off government-owned land and vetoed federal spending in order to pull the country out of the red. Listen to hear about Jackson’s attitude toward debt, the fiscal policy he imposed, and some of the unforeseen consequences of that policy.
Story Length: 4:04
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What should the government spend its money on? With a growing national debt this has become an important question. Economists see the government’s role in providing goods and services to be one that fills a need. The government should pay for things that make our lives better but that the private market cannot or will not provide. Listen to this story from Planet Money to learn the reasons why government has decided to pay for public goods such as lighthouses and autopsies.
In 1765, the British imposed a tax on the American colonists called the Stamp Act. It charged a tax on all newspapers and documents. The colonists opposed this tax and it was repealed in 1766. The Stamp Act led to the tax on tea, which led to the Boston Tea Party and ultimately the American Revolution. Listen to learn more about the Stamp Act and how effective these protest were in opposing British taxes.
Robert Morris was a rich merchant from Philadelphia who became a banker and supplier to the American army during the Revolution. He built a fortune through international trade. He was successful at a time when reputation and personal relationships were the only guarantee that payments would be made. Initially against independence, Morris went along with the majority of Congress when it decided in favor, and signed the Declaration of Independence. He was instrumental to the success of the American Revolution, financing the war with his own personal credit. Listen to his story to learn about this important and controversial Founding Father, Robert Morris.
The Federal Reserve System is the central bank of the United States. It is responsible for the effective operation of the U.S. economy and conducts the nation’s monetary policy, stabilizes prices and moderates interest rates, and promotes the safety of individual financial institutions. In 1907, J. P. Morgan organized other leading financiers to backstop a run on banks and bring an end to a nationwide financial crisis. Later, with the encouragement of a powerful senator, a group of New York bankers went on to develop a plan for a central bank that was eventually adopted and that is still in effect today. Listen to the story to learn more about the formation of the Federal Reserve and America’s central banks by Congress.
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