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News Link • Government Debt & Financing

Jefferson To Greenspan: The History Of People Freaking Out About Deficits

Senator Paul Tsongas -- 'AND ALL OF THIS DEBT WE GIVE TO YOU, OUR BELOVED CHILDREN' Date: June 27, 1989 Debt: $2,857,430,960,187 Senator and presidential candidate Paul Tsongas railed against the debt at an MIT commencement speech: "But most of all, numbers -- numbers written in red. Debt. Real debt. Crushing debt. In the 1980s we have gone from being the world's largest creditor nation to the worst debtor nation the world has ever known. And all of this debt we give to you, our beloved children. America is on the verge of economic decline. We are now in an undeclared and unfelt and unrecognized battle for our future standard of living.

1 Comments in Response to

Comment by Anonymous
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     It is a dirty lie to say in this short statements of radical whiners that George Washington is against debt.  On the contrary, he advocates the use of public credit – which means if the complaining dimwits don’t understand it – to incur public debts “sparingly” if possible, but not to avoid debts occasioned by unavoidable wars.


    Washington’s advocacy of public credit – the inverse of incurring public debt – should be understood by those who bark against public spending which they forgot had brought us to where we are today … the greatest, richest and the mightiest nation on the planet! By the way, find me a country on earth that has no debt and I will recommend to close all the universities in the United States that teach economics!


     Here is what Washington said, and please try to understand it the best you can before you raise the ax and drop a dirty lie in public. Washington CHERISHES PUBLIC CREDIT and advices anti-debt hardliners to use “timely disbursements [public spending] to prepare for danger … [and] in time of peace to discharge the debts …” Avoid accumulation of debt if possible, but nothing is said about Washington stomping his foot  against incurring public debt. It’s a lie for rabid radicals posing as revolutionary Libertarians with an ax to grind, to even insinuate Washington is one of those who are freaking out about deficit spending.  It is even unfair to bring in Jefferson and Greenspan and picture them the same way in publishing a lie of this kind as if the American public is a bunch of Katzenjammer Kids about to gobble it like popcorn.


     Repeat, here is what Washington said: "As a very important source of strength and security, cherish public credit. One method of preserving it is, to use it as sparingly as possible; avoiding occasions of expense by cultivating peace, but remembering also that timely disbursements to prepare for danger frequently prevent much greater disbursements to repel it; avoiding likewise the accumulation of debt, not only by shunning occasions of expense, but by vigorous exertions in time of peace to discharge the debts, which unavoidable wars may have occasioned, not ungenerously throwing upon posterity the burthen, which we ourselves ought to bear." Did you find anything that says Washington is against the use of PUBLIC CREDIT that creates debts?



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