Question

Despite the economic turmoil of Jackson's second administration, from 1835 to 1837, for the first and only time in U.S. history:

A. There was no inflation
B. The national debt was completely eliminated
C. The country experienced a financial panic and depression
D. Unemployment rates reached historic lows

Answer 1

From 1835 to 1837, the U.S. national debt was completely eliminated, marking the only time in history this occurred. However, this was soon followed by the Panic of 1837 and a major depression during Martin Van Buren's presidency. The correct option is B.

Step-by-step explanation:

During Andrew Jackson's second administration, from 1835 to 1837, the national debt was completely eliminated for the first and only time in U.S. history. This period predates the Panic of 1837, which resulted in a major economic depression and challenges during Martin Van Buren's presidency.

The economic turmoil that Martin Van Buren faced was largely due to the policies of the Jackson administration, such as the attack on the bank, the Specie Circular, and other national and international economic factors. These policies led to an inflationary boom followed by a bust, contributing to the economic hardships that would unfold during Van Buren's time in office.