What The Government Bankrupt!

Thomas Jefferson once said, “I place economy among the first and most important virtues, and public debt as the greatest of dangers. To preserve our independence, we must not let our rulers load us with perpetual debt” (Crushing Public Debt). In 1870, the National Debt was $2.4 billion, decreasing to $1.1 billion by 1910, and rising to $24 billion during World War II (National Debt Clock FAQ, Feb. 11,1996). In 1996 this debt was reaching $5 trillion, at that time a law, which …

…fragmentary, each agency submitting spending proposals separately and with revenue considered entirely apart from outlays. Where Europeans have considered budgetary balance a technical, financial matter of ability to raise revenue to support spending. Americans, from the beginning, have considered balance a question of political philosophy: Who shall rule over whom?” (Wildavsky, pg 37). Congress needs to rethink their opinions of budgetary policy/politics, in order to remedy the increased financial burden thrust upon the American Society.