Money: Debt


“At the time we were funding our national debt, we heard much about 'a public debt being a public blessing'; that the stock representing it was a creation of active capital for the aliment of commerce, manufactures and agriculture. This paradox was well adapted to the minds of believers in dreams...” (Thomas Jefferson, Writings of Thomas Jefferson, 13:420.)

“The interest paid on government indebtedness for fiscal 1991 was $286.0 billion. The interest paid on government indebtedness for fiscal 1992 was $292.3 billion. The estimated interest for fiscal 1993 is $294.6 billion.

“Why don’t Americans get angry about this? Maybe the absence of justifiable fury is traceable to the incomprehensible size of the amounts we’re discussing. So, let’s break it down to the cost per person. In other words, how much does each American pay for interest?

“In round figures, there are 250 million Americans. The admitted government interest bill for a single year is roughly $290 billion. In 1992, therefore, the average tab—just for interest on the national debt— was over $1,000 for every man, woman and child in this nation.” (John F. McManus, Financial Terrorism, p. 58-59. 1993.)

“I place economy among the first and most important of republican virtues, and public debt as the greatest of dangers to be feared.” (Thomas Jefferson, The Writings of Thomas Jefferson, 15:47.)

“No pecuniary consideration is more urgent than the regular redemption and discharge of the public debt. On none can delay be more injurious or an economy of time more valuable.” (George Washington, The Writings of George Washington, 33:168.)

“To preserve our independence, we must not let our rulers load us with perpetual debt.” (Thomas Jefferson)

“Ezra Taft Benson said in 1962:

Added to the current debt at close to $300 billion, our total commitments now reach the almost incredible total of $750 billion, or three-quarters of a trillion dollars. And even this stratospheric amount does not include another $250 or $300 billion we will need to collect in future tax increases to make good on our present promises under the social security system.(Elaine S. Povich, BYU Speeches of the Year, February 28, 1962)

“Incredible? Stratospheric? Imagine President Benson's response to today's deficit in excess of $8 trillion. In fact, in 2006, an author wrote that every child born in the United States

…shoulders a $156,000 debt. That’s the estimated debt that every American owes the federal government, courtesy of the annual budget deficit, plus the national debt accumulated over the past century, plus promised but long-term unfunded commitments like his parents’ Medicare and Social Security payments.…Not only that, but the burden is growing. By the time [he] reaches working age, that amount could double or triple if nothing dramatic is done to alter the government’s accumulation of red ink. (Elaine S. Povich, AARP Bulletin, Vol 47, No. 2, February, 2006)

(Dr. Jack Monnett, Awakening to our Awful Situation, p. 78. 2006.)