James Buchanan Quotes

Our present financial condition is without parallel in history. No nation has ever before been embarrassed from too large a surplus in its Treasury.

The problem was that special interests—and Congress—all wanted a piece of the pie, and were unrelenting in their demands on the President to create funded programs for them.

James Buchanan, 1791-1868, 15th President of the United States (Democrat, PA), 1857

Eigen's Political and Historical Quotations

James Buchanan
James Buchanan
  • Born: April 23, 1791
  • Died: June 1, 1868
  • Nationality: American
  • Profession: President; Economist

James Buchanan, Jr. was the 15th President of the United States (1857–61), serving immediately prior to the American Civil War. He represented Pennsylvania in the United States House of Representatives and later the Senate, then served as Minister to Russia under President Andrew Jackson. He was named Secretary of State under President James K. Polk, and as of 2016[update] is the last former Secretary of State to serve as President of the United States. After Buchanan turned down an offer to sit on the Supreme Court, President Franklin Pierce appointed him Ambassador to the United Kingdom, in which capacity he helped draft the Ostend Manifesto.; James McGill Buchanan, Jr. was an American economist known for his work on public choice theory (included in his most famous work The Calculus of Consent), for which he received the Nobel Memorial Prize in 1986. Buchanan's work initiated research on how politicians' and bureaucrats' self-interest, utility maximization and other non-wealth maximizing considerations affect their decision making. He was a member of the Board of Advisors of The Independent Institute, a member (and for a time the President) of the Mont Pelerin Society, a Distinguished Senior Fellow of the Cato Institute, and professor at George Mason University.