<Tr> <Td> 1845--late 1846 recession </Td> <Td>--</Td> <Td> ~ 1 year </Td> <Td> ~ 2 years </Td> <Td> − 5.9% </Td> <Td>--</Td> <Td> This recession was mild enough that it may have only been a slowdown in the growth cycle . One theory holds that this would have been a recession, except the United States began to gear up for the Mexican--American War, which began April 25, 1846 . </Td> </Tr> <Tr> <Td> 1847--48 recession </Td> <Td> late 1847--late 1848 </Td> <Td> ~ 1 year </Td> <Td> ~ 1 year </Td> <Td> − 19.7% </Td> <Td>--</Td> <Td> The Cleveland Trust Company Index declined 19.7% during 1847 and 1848 . It is associated with a financial crisis in Great Britain . </Td> </Tr> <Tr> <Td> 1853--54 recession </Td> <Td> 1853--Dec 1854 </Td> <Td> ~ 1 year </Td> <Td> ~ 5 years </Td> <Td> − 18.4% </Td> <Td>--</Td> <Td> Interest rates rose in this period, contributing to a decrease in railroad investment . Security prices fell during this period . With the exception of falling business investment there is little evidence of contraction in this period . </Td> </Tr> <Tr> <Td> Panic of 1857 </Td> <Td> June 1857--Dec 1858 </Td> <Td> 1 year 6 months </Td> <Td> 2 years 6 months </Td> <Td> − 23.1% </Td> <Td>--</Td> <Td> Failure of the Ohio Life Insurance and Trust Company burst a European speculative bubble in United States' railroads and caused a loss of confidence in American banks . Over 5,000 businesses failed within the first year of the Panic, and unemployment was accompanied by protest meetings in urban areas . This is the earliest recession to which the NBER assigns specific months (rather than years) for the peak and trough . </Td> </Tr>

When was the last time the us economy experienced a budget surplus