"The government today will borrow money to pay debt on money it has already borrowed and spent," he said.
"I'll give you one statistic. Woodrow Wilson borrowed 30 billion dollars to fund World War I in 1917. That money has not been paid back. And we are still paying interest on it. That's 95 years ago. The American taxpayer pays for it with cheaper dollars because the government prints money to pay its bills and that reduces the value of everything we own. The American taxpayer pays for it with higher taxes."