Wednesday, July 13, 2011

Quote of the Day - federal government debt


I can't help but believe that if Congress followed this instruction, we'd not have anywhere near the amount of debt as we currently do. The American public would have revolted long before tea parties came into being.

"It is a wise rule and should be fundamental in a government disposed to cherish its credit, and at the same time to restrain the use of it within the limits of its faculties, 'never to borrow a dollar without laying a tax in the same instant for paying the interest annually, and the principal within a given term; and to consider that tax as pledged to the creditors on the public faith.'" ~ Thomas Jefferson, letter to John Wayles Eppes, 1813

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