Politicians Who Went Broke

Despite the perks of holding government office, some of America's esteemed elected officials have covered themselves in far more debt than they have glory. From Founding Fathers to lowly congressmen, these U.S. politicians have had the misfortune of losing all of their money.

Thomas Jefferson served the United States before it even became a country. He wrote the Declaration of Independence, was the second Vice-President in history, and then the third President. He commissioned the Lewis and Clark Expedition, doubled the nation's size with the Louisiana Purchase, and ended the pirate threat in the Mediterranean. It would be difficult to understate the importance of Jefferson to American history.

So how did such an accomplished man end up as the country's most financially challenged Founding Father? It seems that he did the exact same thing millions of Americans do today — he spent more than he had. Jefferson lived far beyond his means, and according to The Thomas Jefferson Foundation, the former President may have lived his entire adult life in debt.

In fairness, Jefferson did inherit a huge debt from his father-in-law early in his marriage, but the main reason seems to be that Jefferson was a world class impulse buyer. The third U.S. President was known for spending amounts of money on building projects, furnishings, clothes, scientific instruments, and wine.

A truly American President, Jefferson just liked to buy more than he could afford.

Keep watching to see Politicians Who Went Broke.

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Thomas Jefferson | 0:17
Abraham Lincoln | 1:31
William McKinley | 2:45
George McGovern | 4:02
Tom McMillen | 5:33
Ruben Hinojosa | 6:47
Harry Truman | 8:09
Ulysses S. Grant | 9:36
James Monroe | 11:01

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