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When President George Washington took office in 1789, the United States was not in a major economic crisis, but it did face significant financial challenges. The nation was burdened with debt from the Revolutionary War, and there were issues related to trade, taxation, and the establishment of a stable currency. Washington's administration, particularly through the efforts of Treasury Secretary Alexander Hamilton, focused on addressing these issues, leading to the creation of a financial system that laid the groundwork for the country's economic future.

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2w ago

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