As Short History of the National Debt

The Republican Study Committee has done an excellent job putting together this piece. I encourage you all to read it and pass this information on to others so they can educate themselves and make the right decisions come election time.

Short History of the National Debt

This month, the national debt passed the $15 trillion mark. Below is a short chronology of the national debt and American history:

1790: Washington Administration inherits a debt of $78 million.

1790s: Hamilton establishes American credit, the Washington Administration keeps government small, and American bonds are considered among the most secure in the world just years after the economic crisis that led to the Constitutional Convention. Meanwhile, Thomas Jefferson, and the Republicans, believe that federal borrowing is a betrayal of the American Revolution. In 1798, Jefferson states:

“I wish it were possible to obtain a single amendment to our Constitution. I would be willing to depend on that alone for the reduction of the administration of our government to the genuine principles of its Constitution; I mean an additional article, taking from the federal government the power of borrowing.”

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