The debt of our Country

The founding fathers believed that natinoal debt should be avoided at all costs. The recognized that it may become necessary in time of war or other national crisis, but should immediately repaid. Thomas Jefferson said about debt, "I, however, place economy among the first and most important of republican virtues, and public debt as the greates of the dangers to be feared." (Berg, Writings of Thomas Jefferson, 15:47.) Here are some staggering figures from a chart in the 5000 Year leap, p299. Debt Update: New all time high records have been set for deficit spending during the spring of 2006. Congress has increased the debt ceiling to NINE Trillion dollars. All things considered, the burden of debt for every man, woman, and child in the country has risen to over $100,000 each. Our nation is overspending at a rate of abut $2 billion per day. During the first half of 2005, Americans got poorer at the rate of $80 million per HOUR. Headlines of 2005 offered the remarkable information that China – a Third World nation – lends the United States $300 billion per year. (Empire of Debt, The Rise of an Epic Financial Crisis, Bill Bonner and Addison Wiggin, John Wiley & Sons, 2006)