Title: Presidential Debt: Jefferson's Debt Troubles - Consumer Credit
Headings: Presidential Debt: Jefferson’s Debt Troubles
Presidential Debt: Jefferson’s Debt Troubles
Thomas Jefferson & Presidential Debt
Learning From Presidential Debt

Content: We’ve saved the best for last – the president who abhorred national debt but could never manage his own debt reduction. Thomas Jefferson, our third president, died with debts of $107,000, which is roughly $2 million today. Jefferson is an unusual case in that the debt wasn’t entirely due to business failures, poor investments, or a shopaholic wife. Jefferson inherited a significant amount of debt from his father-in-law in 1774. He may have been rich in land and slaves, but farming was not a debt solution. Of course, some of it was due to his overzealous spending. He lived beyond his means, blowing large sums on construction projects, furnishings, and decorations for his estate, Monticello. Jefferson also had a taste for fine French wine, which did not come cheap. During his eight years as president, his personal wine bill was over $10,000, or $150,000 in today’s currency. That would mean a lot of credit card debt for someone today!