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Message: 27th Principle--The burden of debt is as destructive to freedom as subjugation
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27th
Principle
The burden of debt is as destructive
to freedom as subjugation by conquest.
Principle
The burden of debt is as destructive
to freedom as subjugation by conquest.
-
-
Slavery or involuntary servitude is the result of either
subjugation by conquest or succumbing to the bondage of
debt.
subjugation by conquest or succumbing to the bondage of
debt.
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Debt, of course, is simply borrowing against the future.
It exchanges a present advantage for a future obligation. It
will require not only the return of the original advance of
funds, but a substantial compensation to the creditor for the
use of his money.
Debt, of course, is simply borrowing against the future.
It exchanges a present advantage for a future obligation. It
will require not only the return of the original advance of
funds, but a substantial compensation to the creditor for the
use of his money.
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How Debt Can Benumb the Human Spirit
How Debt Can Benumb the Human Spirit
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The Founders knew that borrowing can be an honorable
procedure in a time of crisis, but they deplored it just the
same. They looked upon it as a temporary handicap which
should be alleviated at the earliest possible moment. They
had undergone sufficient experience with debt to see its
corrosive and debilitating effect, which tends to corrupt both
individuals and nations.
The Founders knew that borrowing can be an honorable
procedure in a time of crisis, but they deplored it just the
same. They looked upon it as a temporary handicap which
should be alleviated at the earliest possible moment. They
had undergone sufficient experience with debt to see its
corrosive and debilitating effect, which tends to corrupt both
individuals and nations.
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In the case of the individual, excessive debt greatly
curtails the freedom of the debtor. It benumbs his spirit, He
often feels hesitant to seek a new location or change a
profession. He passes up financial opportunities which a free
man might risk. Heavy debt introduces an element of taint
into a man's search for happiness. There seems to be a
perpetual burden every waking hour. There is a sense of
being perpetually threatened as he rides the razor's edge of
potential disaster.
In the case of the individual, excessive debt greatly
curtails the freedom of the debtor. It benumbs his spirit, He
often feels hesitant to seek a new location or change a
profession. He passes up financial opportunities which a free
man might risk. Heavy debt introduces an element of taint
into a man's search for happiness. There seems to be a
perpetual burden every waking hour. There is a sense of
being perpetually threatened as he rides the razor's edge of
potential disaster.
-
There is also the sense of waste -- much like the man
who has to make payments on a dead horse. It is money
spent for pleasures or even needs that are long since past, It
often means sleepless nights, recoiling under the burden of a
grinding weight which is constantly increasing with every tick
of the clock, and often at usurious rates.
There is also the sense of waste -- much like the man
who has to make payments on a dead horse. It is money
spent for pleasures or even needs that are long since past, It
often means sleepless nights, recoiling under the burden of a
grinding weight which is constantly increasing with every tick
of the clock, and often at usurious rates.
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The Founders' Attitude Toward Debt
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The Founding Fathers belonged to an age when debt
was recognized for the ugly spectre that it really is. They
considered frugality a virtue, and even when an emergency
compelled them to borrow, they believed in borrowing
frugally and paying back promptly. Nearly everyone finds it to
his advantage or absolute necessity to borrow on occasion.
Debt becomes the only available means -- a necessary evil.
Nevertheless, the Founders wanted the nature of debt to be
recognized for what it is: evil, because it is a form of bondage.
As Thomas Jefferson wrote:
The Founding Fathers belonged to an age when debt
was recognized for the ugly spectre that it really is. They
considered frugality a virtue, and even when an emergency
compelled them to borrow, they believed in borrowing
frugally and paying back promptly. Nearly everyone finds it to
his advantage or absolute necessity to borrow on occasion.
Debt becomes the only available means -- a necessary evil.
Nevertheless, the Founders wanted the nature of debt to be
recognized for what it is: evil, because it is a form of bondage.
As Thomas Jefferson wrote:
-
"The maxim of buying nothing without the money in
our pockets to pay for it would make our country one of
the happiest on earth. Experience during the war proved
this; and I think every man will remember that, under
all the privations it obliged him to submit to during that
period, he slept sounder and awoke happier than he can
do now." (Ford, Writings of Thomas Jefferson, 4:414.)
"The maxim of buying nothing without the money in
our pockets to pay for it would make our country one of
the happiest on earth. Experience during the war proved
this; and I think every man will remember that, under
all the privations it obliged him to submit to during that
period, he slept sounder and awoke happier than he can
do now." (Ford, Writings of Thomas Jefferson, 4:414.)
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Debts from Splurge Spending
-
The Founders felt that the worst kind of debt is that
which results from "splurge" borrowing -- going into debt to
enjoy the temporary luxury of extravagantly living "beyond
one's means." They knew the seductive snare which this
possibility presents to the person who is watching other
people do it. The English author William Makepeace
Thackeray reflected those feelings when he wrote these words
in Vanity Fair: "How well those live who are comfortably and
thoroughly in debt: how they deny themselves nothing; how
jolly and easy they are in their minds." (Vanity Fair, 2 vols. in
1, Thomas Y. Crowell Company, New York, 1893, 1:208.)
But, of course, all the reveling and apparitions of debt
financed prosperity disappear like a morning mist when it
comes time to pay, Extravagant living, waste, and hazardous
borrowing against the future can reduce the best of us to
bankruptcy, abject poverty, and even gnawing hunger from
lack of the most basic necessities of life. Universal human
experience verifies the bitter reality of the parable of the
prodigal son, who "would fain have filled his belly with the
husks that the swine did eat" (Luke 15:16).
The kind of frugality for which the Founders were
famous was rooted in the conviction that debt should be
abhorred like a plague. They perceived excessive
indebtedness as a form of cultural disease.
The Founders felt that the worst kind of debt is that
which results from "splurge" borrowing -- going into debt to
enjoy the temporary luxury of extravagantly living "beyond
one's means." They knew the seductive snare which this
possibility presents to the person who is watching other
people do it. The English author William Makepeace
Thackeray reflected those feelings when he wrote these words
in Vanity Fair: "How well those live who are comfortably and
thoroughly in debt: how they deny themselves nothing; how
jolly and easy they are in their minds." (Vanity Fair, 2 vols. in
1, Thomas Y. Crowell Company, New York, 1893, 1:208.)
But, of course, all the reveling and apparitions of debt
financed prosperity disappear like a morning mist when it
comes time to pay, Extravagant living, waste, and hazardous
borrowing against the future can reduce the best of us to
bankruptcy, abject poverty, and even gnawing hunger from
lack of the most basic necessities of life. Universal human
experience verifies the bitter reality of the parable of the
prodigal son, who "would fain have filled his belly with the
husks that the swine did eat" (Luke 15:16).
The kind of frugality for which the Founders were
famous was rooted in the conviction that debt should be
abhorred like a plague. They perceived excessive
indebtedness as a form of cultural disease.
-
Benjamin Franklin on Splurge Spending
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One of the Founders who made his fortune through
frugality and financial discipline was Benjamin Franklin. He
had this to say concerning splurge spending:
"But what madness must it be to run in debt for
these superfluities! We are offered, by the terms of this
vendue, six months' credit; and that perhaps has
induced some of us to attend it, because we cannot
spare the ready money, and hope now to be fine without
it. But, ah, think what you do when you run in debt;
you give to another power over your liberty. If you
cannot pay at the time, you will be ashamed to see your
creditor; you will be in fear when you speak to him; you
will make poor pitiful sneaking excuses, and by degrees
come to lose your veracity, and sink into base downright
lying; for, as Poor Richard says, the second vice is lying,
the first is running in debt. And again, to the same
purpose, lying rides upon debt's back. Whereas a
freeborn Englishman ought not to be ashamed or afraid
to see or speak to any man living. But poverty often
deprives a man of all spirit and virtue: 'Tis hard for an
empty bag to stand upright, as Poor Richard truly says."
(Smyth, Writings of Benjamin Franklin, 3:416.)
One of the Founders who made his fortune through
frugality and financial discipline was Benjamin Franklin. He
had this to say concerning splurge spending:
"But what madness must it be to run in debt for
these superfluities! We are offered, by the terms of this
vendue, six months' credit; and that perhaps has
induced some of us to attend it, because we cannot
spare the ready money, and hope now to be fine without
it. But, ah, think what you do when you run in debt;
you give to another power over your liberty. If you
cannot pay at the time, you will be ashamed to see your
creditor; you will be in fear when you speak to him; you
will make poor pitiful sneaking excuses, and by degrees
come to lose your veracity, and sink into base downright
lying; for, as Poor Richard says, the second vice is lying,
the first is running in debt. And again, to the same
purpose, lying rides upon debt's back. Whereas a
freeborn Englishman ought not to be ashamed or afraid
to see or speak to any man living. But poverty often
deprives a man of all spirit and virtue: 'Tis hard for an
empty bag to stand upright, as Poor Richard truly says."
(Smyth, Writings of Benjamin Franklin, 3:416.)
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The Founders' Policy Concerning a National Debt
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The pioneers of the American commonwealth had the
wisdom born of experience to know that the debts of a nation
are no different from the debts of an individual. The fact that
the indebtedness is shared by the whole people makes it no
less ominous. The Founders knew that dire circumstances,
such as war or other emergency, could force a nation to
borrow, so they authorized the federal government to do so in
Article I of the Constitution. Nevertheless, they considered it
a matter of supreme importance for the survival of a free
people to get out of debt and enjoy complete solvency in order
to prosper.
The pioneers of the American commonwealth had the
wisdom born of experience to know that the debts of a nation
are no different from the debts of an individual. The fact that
the indebtedness is shared by the whole people makes it no
less ominous. The Founders knew that dire circumstances,
such as war or other emergency, could force a nation to
borrow, so they authorized the federal government to do so in
Article I of the Constitution. Nevertheless, they considered it
a matter of supreme importance for the survival of a free
people to get out of debt and enjoy complete solvency in order
to prosper.
-
This is reflected in the declaration of Thomas Jefferson
when he said:
This is reflected in the declaration of Thomas Jefferson
when he said:
-
"I, however, place economy among the first and
most important of republican virtues, and public debt as
the greatest of the dangers to be feared." (Bergh,
Writings of Thomas Jefferson, 15:47.)
"I, however, place economy among the first and
most important of republican virtues, and public debt as
the greatest of the dangers to be feared." (Bergh,
Writings of Thomas Jefferson, 15:47.)
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Should One Generation Impose
Its Debts on the Next?
Its Debts on the Next?
-
It has always been popular in some countries to justify
the practice of passing on the debts incurred by one
generation to the next for payment. This was justified,
particularly in the case of war debts, by the rationalization
that since war is fought to maintain the independence and
integrity of the nation, future generations should bear the
burden of the cost.
It has always been popular in some countries to justify
the practice of passing on the debts incurred by one
generation to the next for payment. This was justified,
particularly in the case of war debts, by the rationalization
that since war is fought to maintain the independence and
integrity of the nation, future generations should bear the
burden of the cost.
-
But this was not the view of the American Founding
Fathers. They felt that the wars, economic problems, and
debts of one generation should be paid for by the generation
which incurred them. They wanted the rising generation to
be genuinely free -- both politically and economically. It was
their feeling that passing on their debts to the next
generation would be forcing the children of the future to be
born into a certain amount of bondage or involuntary
servitude-something for which they had neither voted nor
subscribed. It would be, in a very literal sense, "taxation
without representation." Clearly, they said, it was a blatant
violation of a fundamental republican principle.
But this was not the view of the American Founding
Fathers. They felt that the wars, economic problems, and
debts of one generation should be paid for by the generation
which incurred them. They wanted the rising generation to
be genuinely free -- both politically and economically. It was
their feeling that passing on their debts to the next
generation would be forcing the children of the future to be
born into a certain amount of bondage or involuntary
servitude-something for which they had neither voted nor
subscribed. It would be, in a very literal sense, "taxation
without representation." Clearly, they said, it was a blatant
violation of a fundamental republican principle.
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The Founders Establish the Policy
of Paying Debts Promptly
of Paying Debts Promptly
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From the founding of the nation under the new
Constitution, it became a policy of supreme importance to
pay off the national debt. In his first term, President
Washington wrote:
From the founding of the nation under the new
Constitution, it became a policy of supreme importance to
pay off the national debt. In his first term, President
Washington wrote:
-
"I entertain a strong hope that the state of the
national finances is now sufficiently matured to enable
you to enter upon a systematic and effectual
arrangement for the regular redemption and discharge
of the public debt, according to the right which has been
reserved to the government. No measure can be more
desirable, whether viewed with an eye to its intrinsic
importance, or to the general sentiment and wish of the
nation." (Fitzpatrick, Writings of George Washington,
32:211.)
"I entertain a strong hope that the state of the
national finances is now sufficiently matured to enable
you to enter upon a systematic and effectual
arrangement for the regular redemption and discharge
of the public debt, according to the right which has been
reserved to the government. No measure can be more
desirable, whether viewed with an eye to its intrinsic
importance, or to the general sentiment and wish of the
nation." (Fitzpatrick, Writings of George Washington,
32:211.)
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The following year the President made it clear that this
was no casual suggestion to Congress, but a matter of the
highest priority:
The following year the President made it clear that this
was no casual suggestion to Congress, but a matter of the
highest priority:
-
"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." (Ibid., 33:168.)
"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." (Ibid., 33:168.)
-
Just before leaving office, Washington made a final plea
to the Congress to exert a greater effort to pay off the
national debt, if only for the sake of the next generation. He
said:
Just before leaving office, Washington made a final plea
to the Congress to exert a greater effort to pay off the
national debt, if only for the sake of the next generation. He
said:
-
"Posterity may have cause to regret if, from any
motive, intervals of tranquillity are left unimproved for
accelerating this valuable end." (Ibid., 35:319.)
"Posterity may have cause to regret if, from any
motive, intervals of tranquillity are left unimproved for
accelerating this valuable end." (Ibid., 35:319.)
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The History of the American National Debt
-
When we trace the history of the national debt, we find
that the policy laid down by the Founders has been followed
by every generation until the present one. One of the charts
accompanying this chapter reflects the annual national debt
from the days of George Washington to the present. By
carefully tracing the pattern of these debts, we notice that
after every war or financial emergency involving heavy
indebtedness there was an immediate effort to pay it off as
rapidly as possible. This policy was followed for the sake of
the rising generation. The adult citizens of America wanted
their children born in freedom, not bondage.
When we trace the history of the national debt, we find
that the policy laid down by the Founders has been followed
by every generation until the present one. One of the charts
accompanying this chapter reflects the annual national debt
from the days of George Washington to the present. By
carefully tracing the pattern of these debts, we notice that
after every war or financial emergency involving heavy
indebtedness there was an immediate effort to pay it off as
rapidly as possible. This policy was followed for the sake of
the rising generation. The adult citizens of America wanted
their children born in freedom, not bondage.
-
In our own day, however, a different attitude toward
national fiscal policies has evolved. This is not only reflected
in the skyrocketing thrust of an astonishing level of national
indebtedness, but it has been accompanied by an equally
profligate explosion in the cost of government operations, as
reflected in the chart showing "Outlays of the Federal
Government: 1789 to 2006."
In our own day, however, a different attitude toward
national fiscal policies has evolved. This is not only reflected
in the skyrocketing thrust of an astonishing level of national
indebtedness, but it has been accompanied by an equally
profligate explosion in the cost of government operations, as
reflected in the chart showing "Outlays of the Federal
Government: 1789 to 2006."
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The Risk in Violating Fundamental Principles
-
America's contribution to mankind's 5,000-year leap
was achieved by rather strict adherence to certain
fundamental principles which were part of the Founders'
phenomenal success formula. As we have already seen, some
of these most important fundamentals are being neglected if
not repudiated in our own day. A most important area of
neglect is the advice of the Founders concerning national
fiscal policies. As we examine the outlays of the federal
government and the U.S. national debt throughout the
history of the nation, we find a number of notable things.
America's contribution to mankind's 5,000-year leap
was achieved by rather strict adherence to certain
fundamental principles which were part of the Founders'
phenomenal success formula. As we have already seen, some
of these most important fundamentals are being neglected if
not repudiated in our own day. A most important area of
neglect is the advice of the Founders concerning national
fiscal policies. As we examine the outlays of the federal
government and the U.S. national debt throughout the
history of the nation, we find a number of notable things.
First of all, as we have already observed, each
generation of the past tried to pay off the national debt. In
our own day, the importance of this policy has been demphasized.
This development has occurred simultaneously
with a policy of de-emphasizing the restraints and literal
construction of the Constitution.
generation of the past tried to pay off the national debt. In
our own day, the importance of this policy has been demphasized.
This development has occurred simultaneously
with a policy of de-emphasizing the restraints and literal
construction of the Constitution.
-
Beginning with the era of the Great Depression, all three
branches of the federal government used the climate of
emergency to overstep their Constitutional authority and
aggressively undertake to perform tasks not authorized by
the Founders. Extensive studies by Nobel Prize-winning
economist Milton Friedman have demonstrated that every
one of these adventures in non-Constitutional activities
proved counter-productive, some of them tragically so.
Secondly, the people were induced to believe that these
serious aberrations of Constitutional principles would
provide a shortcut to economic prosperity, thereby lifting the
people out of the depression. Unfortunately, it was successful
only politically. It gave the people the illusion that by
spending vast quantities of borrowed money they would
prosper, when, as a matter of fact, the outcome was exactly
the opposite, just as the Founders had predicted.
Dr. Milton Friedman points out that after the federal
government had spent many billions of dollars and had
seriously meddled with the Constitutional structure of the
nation, the unemployment rate was higher in 1938 than it
had been in 1932. Had not the crisis of World War II
suddenly emerged, which required the spending of many
additional billions of borrowed dollars and also resulted in
absorbing the unemployed work force, the fiscal failure of the
New Deal experiments would be better remembered by the
American people.
branches of the federal government used the climate of
emergency to overstep their Constitutional authority and
aggressively undertake to perform tasks not authorized by
the Founders. Extensive studies by Nobel Prize-winning
economist Milton Friedman have demonstrated that every
one of these adventures in non-Constitutional activities
proved counter-productive, some of them tragically so.
Secondly, the people were induced to believe that these
serious aberrations of Constitutional principles would
provide a shortcut to economic prosperity, thereby lifting the
people out of the depression. Unfortunately, it was successful
only politically. It gave the people the illusion that by
spending vast quantities of borrowed money they would
prosper, when, as a matter of fact, the outcome was exactly
the opposite, just as the Founders had predicted.
Dr. Milton Friedman points out that after the federal
government had spent many billions of dollars and had
seriously meddled with the Constitutional structure of the
nation, the unemployment rate was higher in 1938 than it
had been in 1932. Had not the crisis of World War II
suddenly emerged, which required the spending of many
additional billions of borrowed dollars and also resulted in
absorbing the unemployed work force, the fiscal failure of the
New Deal experiments would be better remembered by the
American people.
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Splurge Spending Is Habit-Forming
-
It is highly significant that the political formula which
Harry Hopkins recommended to keep a particular
administration in power was "tax, tax -- spend, spend --
elect, elect." Once the people have been encouraged by their
political leaders to indulge in splurge spending, the result is
like a snowball rolling downhill -- it increases in size and
gains in speed. This is dramatically demonstrated in the
charts. It will be noted that the national budget was less than
a hundred billion dollars in 1960. Today we spend almost
that much just for interest on the national debt. And that is
more than the entire cost of World War I in real dollars! Since
1970 the national debt has tripled.
It is highly significant that the political formula which
Harry Hopkins recommended to keep a particular
administration in power was "tax, tax -- spend, spend --
elect, elect." Once the people have been encouraged by their
political leaders to indulge in splurge spending, the result is
like a snowball rolling downhill -- it increases in size and
gains in speed. This is dramatically demonstrated in the
charts. It will be noted that the national budget was less than
a hundred billion dollars in 1960. Today we spend almost
that much just for interest on the national debt. And that is
more than the entire cost of World War I in real dollars! Since
1970 the national debt has tripled.
-
Today We Are Spending the Next
Generation's Inheritance
Generation's Inheritance
-
The figures in these charts are astonishing, but not
nearly as significant as the trend of thinking among the
American people which the figures represent. For the first
time in the entire history of the United States, a generation of
Americans is squandering the next generation's inheritance.
With the national debt at one trillion dollars, there is no way
in the foreseeable future whereby this generation could
possibly liquidate such a mountain of accumulated debt.
The problem is aggravated by the fact that this
generation has also committed itself to pay off additional
liabilities in the future amounting to approximately eleven
trillion dollars. Since 1972 an effort has been made to
compute precisely how extensive these commitments really
are, but it is feared that they may turn out to be even more
The figures in these charts are astonishing, but not
nearly as significant as the trend of thinking among the
American people which the figures represent. For the first
time in the entire history of the United States, a generation of
Americans is squandering the next generation's inheritance.
With the national debt at one trillion dollars, there is no way
in the foreseeable future whereby this generation could
possibly liquidate such a mountain of accumulated debt.
The problem is aggravated by the fact that this
generation has also committed itself to pay off additional
liabilities in the future amounting to approximately eleven
trillion dollars. Since 1972 an effort has been made to
compute precisely how extensive these commitments really
are, but it is feared that they may turn out to be even more
than the eleven trillion which present tabulations indicate.
-
The Problem of the "Fix"
-
Of course, the Founders would understand exactly what
this generation is doing to itself. It is the very essence of
human nature to pursue this disastrous course once the
appetite has been created to demand it. As a result,
American taxpayers now discover themselves playing a role
almost identical to that of an addict on hard drugs. The
addict denounces his "habit" and despises the "pusher" who
got him into it, but when he is confronted with the crisis of
needing a "fix" he will plead with tears of anguish for the
narcotic remedy.
Of course, the Founders would understand exactly what
this generation is doing to itself. It is the very essence of
human nature to pursue this disastrous course once the
appetite has been created to demand it. As a result,
American taxpayers now discover themselves playing a role
almost identical to that of an addict on hard drugs. The
addict denounces his "habit" and despises the "pusher" who
got him into it, but when he is confronted with the crisis of
needing a "fix" he will plead with tears of anguish for the
narcotic remedy.
-
The "fix," of course, is not a remedy at all. The real
remedy is "withdrawal." The addict must escape from the
tortuous cycle of vicious repetition which is not solving his
problem but compounding it. If withdrawal is painful, at least
it is not prolonged. The problem is primarily a matter of will
power -- the determination to change.
The "fix," of course, is not a remedy at all. The real
remedy is "withdrawal." The addict must escape from the
tortuous cycle of vicious repetition which is not solving his
problem but compounding it. If withdrawal is painful, at least
it is not prolonged. The problem is primarily a matter of will
power -- the determination to change.
-
Every aspect of this reprehensible example applies to the
mood of the American masses during recent years. Polemics
against the government's profligate spending are vehement.
The denunciation of high taxes is virtually universal. From
banker to ditch-digger it is eloquently explained how this
entire syndrome of big spending, high taxes, oppressive
government regulations, and mountainous debt is stifling the
economy, inhibiting the rate of production, and stagnating
the wholesome development of the traditional American lifestyle.
Yet, with all of that, any Congressman will verify that it
has been, at least until recently, almost political suicide to
try to change the trend. When it comes to cutting programs
and reducing costs, balancing the budget, and eliminating
deficit spending, it is amazing how few will make the
necessary adjustment without the most violent outcries of
protest when it affects them personally. But then, this would
come as no surprise to the Founders. It is called "human
nature." They would know that the only [page 303] solution is
to develop the will power to make the change. This is not
easy, but it can be done.
Every aspect of this reprehensible example applies to the
mood of the American masses during recent years. Polemics
against the government's profligate spending are vehement.
The denunciation of high taxes is virtually universal. From
banker to ditch-digger it is eloquently explained how this
entire syndrome of big spending, high taxes, oppressive
government regulations, and mountainous debt is stifling the
economy, inhibiting the rate of production, and stagnating
the wholesome development of the traditional American lifestyle.
Yet, with all of that, any Congressman will verify that it
has been, at least until recently, almost political suicide to
try to change the trend. When it comes to cutting programs
and reducing costs, balancing the budget, and eliminating
deficit spending, it is amazing how few will make the
necessary adjustment without the most violent outcries of
protest when it affects them personally. But then, this would
come as no surprise to the Founders. It is called "human
nature." They would know that the only [page 303] solution is
to develop the will power to make the change. This is not
easy, but it can be done.
-
How Can the United States Return
to the Founders' Formula?
to the Founders' Formula?
-
In recent years, the number of Americans who have
become reconciled to the inescapable necessity of returning
to the Founders' formula has risen to millions. The very
circumstances in which the American taxpayer finds himself
are sufficient to awaken many to recognize the fiscal
bottomless pit into which the nation is sinking. The vivid
shock of that realization is precisely what is needed to arouse
the majority of the people to the point where they are willing
to go through fiscal withdrawal and kick the habit of splurge
spending.
In recent years, the number of Americans who have
become reconciled to the inescapable necessity of returning
to the Founders' formula has risen to millions. The very
circumstances in which the American taxpayer finds himself
are sufficient to awaken many to recognize the fiscal
bottomless pit into which the nation is sinking. The vivid
shock of that realization is precisely what is needed to arouse
the majority of the people to the point where they are willing
to go through fiscal withdrawal and kick the habit of splurge
spending.
-
However, Congressmen, the President, and the
taxpayers are all asking the same question: "Is there any way
this can be accomplished without our going through the
wringer of a deep depression?"
However, Congressmen, the President, and the
taxpayers are all asking the same question: "Is there any way
this can be accomplished without our going through the
wringer of a deep depression?"
-
This writer believes that there is. By returning to the
fundamental principles espoused by the Founding Fathers,
we can reverse the trend and get America back to a formula
of prosperity economics without a major crunch or
depression.
This writer believes that there is. By returning to the
fundamental principles espoused by the Founding Fathers,
we can reverse the trend and get America back to a formula
of prosperity economics without a major crunch or
depression.
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